How to pick your Property Manager

How to pick your property manager

If your property investments have you feeling overwhelmed, a property management company can help. How to pick your property manager?

Whether you have one real estate investment or many, being responsible for multiple properties is a big undertaking. Even one additional property can be a lot of work, let alone numerous investments. If you find that you can’t (or simply don’t want) to keep up with it, it may be time to consider enlisting the help of a Property Management Company.

There are many benefits of hiring a management company. Some of them include:

  • Getting, Screening, and Keeping Quality Tenants:
    • an established firm will:
      • have creative marketing in place to find new renters
      • perform the necessary background checks on potential occupants
      • work to keep the tenant happy in an effort to retain them (avoiding vacancy time of the property)
  • Decreased Maintenance Costs and Repairs:
    • a solid management company will:
      • have a pool of certified, quality contractors from which to pull for routine maintenance as well as emergency repairs
      • be able to negotiate the best possible price from these reputable companies, saving the homeowner money
  • Personal Owner Benefits:
    • An exceptional management firm will:
      • decrease owner stress by eliminating the day to day operations of their property from their to do list
      • increase owner freedom, allowing them to not be tied down by their property investments

Not all management companies are the same, however, and finding a quality firm to safeguard your investment(s) is crucial. Here are some things to consider.

Initial Contact

The first call to potential property managers should include the following questions:

  • Are you licensed? (in whichever states you have property)
  • What other/extra credentials do you have?
    • While it is not mandatory additional affiliations, like the NARPM Membership that Corder and Company LLC has, shows that the firm is willing to go above and beyond minimal requirements.
  • May I see some active references?

A reference that is more than a year old or from a friend/family member should not be included.

If the company is unwilling or unable to answer the questions above move on to the next possibility.

Further Inquiry

After you have at least three good possibilities, schedule a meeting with each firm to discuss in detail how they handle the:

  • Setting of and collecting rent
  • Maintenance inspections/repairs
  • Marketing and retention efforts
  • Handling of tenant and owner funds
  • Knowledge of current tax/renter laws

An adept property management company can be a great partner in keeping your valuable investment in good order. Deciding if you need one is the first step, then finding a quality firm is the next big decision.

Corder and Company, LLC has been serving the Albuquerque and Rio Rancho areas for many years and would love to be considered for your property management needs. We believe in excellent customer service, integrity and a high level of ethical conduct.

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