If you have hired or are looking to hire a property manager for your property, you'll want to make sure that you bring in the right one. Don't miss warning signs that could save you a lot of trouble down the road.
Remember that when you hire a property manger that they are your employee. All business people check references when setting out to hire new employees, so following up on a property management company's background should be no different. If they've been around for a while, you'll be able to find other properties that they've worked for. Were there problems? Are they hesitant to provide this information to you? Finding the right one is crucial, and when you do, you want to snatch them up quickly or they won't have time for your property with the others that they manage.
How does the company handle tenants? If you hire a company that does not handle tenants - even the ones that cause trouble - well, this will be an issue. Your tenants are the ones that bring in the money. If they're not happy, they'll leave, and you'll be left with a vacant unit or property.
Property maintenance can pull heavily on your profits. Make sure that the company you hire to manage your properties has a healthy balance that allows for quick and quality maintenance. You don't want them to hire workers with little to no experience, but you also don't want them to keep a small maintenance staff that they work to death either. Make sure the company you hire understands how to balance these issues to provide the best quality of maintenance to your tenants that they can for the budget that is set.
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