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landlordProperty managers can be a great asset to a landlord if chosen correctly. There are many reasons that you might choose to allow a company take care of your properties for you. Perhaps you are what is referred to as an 'accidental landlord' in which you inherited a property that you decided to rent out or you had to move suddenly and needed a way to cover the mortgage on your old house. If you invest outside of your local community you may find that it's better to invest in a property management company that will be local to your properties and can make sure your tenants receive quick and efficient care. If you have quite a few properties, it might also be better for your time management to hire someone to help with them.

However you find yourself looking at the possibility of hiring a property management company you'll want to make sure that you hire one that fits you and fits what you need. Don't just hire the first one that comes along because that seems easy. Unless you are very lucky, you may be spending money to create a lot of grief for yourself. Do you research, find recommendations, and make sure that they are good for you. You'll want to make sure that you're both on the same page when it comes to how you view how to handle problem tenants, what the rules should be for collecting rent and late fees, and your guidelines for accepting tenants.

The number one question you should ask when you're interviewing a property management company is how they handle bad tenants. Good tenants make for easy property management, but the bad ones are where you'll want to make sure you've hired the right company.

POSTED April 22 2014 12:43 PM

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