How to Find the Best Property Management Teams

The world of property management can be considered a bit of a wild west. While the majority of states require property managers to be registered and hold various licenses, there are some that don’t.

This makes it very much a case of buyer beware when it comes to your search. The wrong choice can hit you where it hurts most—in the pocket.

The following steps detail how to find the best property management teams and ensure that each of your investment dollars is working as hard for you as it should. 

Choosing a Property Management Team: 6 Steps to Success

• Before you even start, define your requirements
• Now you know what you need, follow this 6-step plan

Before you even start, define your requirements

While you’d expect all property managers to offer the same service, this sadly isn’t true. Therefore, you need to be clear exactly what you want them to do for you. They might also offer different levels of service, which will determine fees and the percentage of rental income they charge.

It makes sense to decide the level of service you require before you even approach an agent. For instance, do you want them to:

• Evaluate your property
• Advertise your property and find you a tenant?
• Screen applicants?
• Manage the rental payments?
• Deal with maintenance and repairs?
• Carry out inspections?
• Deal with evictions?

This list is by no means exhaustive. It does, however, provide an overview of the range of services that may or may not be included. A good property management company should allow you to tailor requirements to your particular needs.

Now you know what you need, follow this 6-step plan

Take your time when searching. It may take a while to find the right property management team, but it will be well worth the effort.

• Ask around: By far the best way to find a reputable firm is by recommendation. It can’t be stressed enough that the best advertising comes from satisfied customers. Glowing online reviews are one thing, but hearing first-hand from property owners how a property manager deals with problems and challenges is also key.
• Check that your prospective company has experience in your type of property/properties? Don’t choose a company that deals with student lets if you’re looking to rent exclusive, high-end real estate, for example. If you’ve got a suite of holiday lets, then you wouldn’t go with a company that only deals with long-term tenants. You get the picture.
• Are the fees clear and upfront? This is vital and not a subject for which you should have to dig deep for clarification. The best firms let you know everything about what they charge, with nothing hidden in the small print.
• Ask what their strategies are for minimizing vacant periods: You want to hear slick, tangible, confident methods, rather than anything vague or woolly.
• What about flexibility? If you go for a minimal service so start with, will the team be able to take over further responsibilities In the future? What about in the short-term or if you were suddenly in a situation where you needed extra assistance?
• Go with your gut: This might sound a little strange, but you should be confident that—even if a firm gives all the right answers and looks great on paper—you’ll be happy dealing with them.
• Each of the above reiterates the importance of drilling down into the more complex areas of property management. Your questioning will undoubtedly include many more facets, but it gives a general ideal of how diverse your research should be. 

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