Deciding to hire a property management company can be a bit daunting. Many landlords will try to manage their own properties before breaking down and searching out the best one that they can find. A number of reasons could drive you into that search. Perhaps you bought a property outside of your local area. Maybe you became an 'accidental landlord' because your job required you to move quicker than you could sell your house. Sometimes the time that a property management company can save you is just worth the percentage of your income that they'll charge. Whatever the reason, finding the company to fit you, your property, and your needs is key.
You'll want to look for recommendations when you begin your search. What do other landlords say about the company? If you know the landlord, that's even better. Make sure to look for a property management company that knows what they're doing, has a proven record of excellence, and is a good match for your property. This means that you'll want to look for one that aligns with what you're wanting. You want to make sure you're both in agreement on how rent collection should be handled, as well as late fees, property damage, evictions, and tenants in general. If their company policy does not match up to your expectations, you don't have to hire them. Remember, if you hire a property management company, they work for you.
Finding a property management company that is willing to communicate with you is key. You don't want to hire them and then never hear from them. They are the ones making sure that you receive the best turn around on your investment, so they'll need to do their job well. Sometimes, if there are small differences in how you work, you'll be able to train your new property management company
so that you can both work well together, but if you hire one and find that there are major problems, you can fire them and take it as a lesson learned for your next search.