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Choosing a Property Management company

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Choosing a Property Management company

5 Ways to Choose the Best Property Management Company

http://www.flatfeelandlord.com

Choosing a property management company for your rental home does not need to be a difficult decision, but you should spend some time on it so you get the right fit for your property. Here are five tips to keep in mind while you're making a decision.

1. Start your search with professional affiliations. Check out the websites for the Institute of Real Estate Management (IREM) or the National Association of Residential Property Managers (NARPM). These are two trade associations that are very reputable and really set the standard for the property management industry. Any high caliber property management company will be a part of these associations. The companies that are affiliated with these groups will be held to a very high ethical standard and they are a great place to start when searching for a property manager.

2. Call and interview different companies. Find out what they really specialize in. The property management industry has different niches. You have certain companies that...

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IREM , Some key Ethical issues:

Article 3. Accounting and Reporting
Pursuant to the terms of the management agreement, a MEMBER shall use reasonable efforts to provide accurate, auditable financial and business records and documentation concerning each asset managed for the client, which records shall be available for inspection at all reasonable times by the client.  A MEMBER shall furnish to the client, at mutually agreed upon intervals, regular reports concerning the client’s assets under management. A MEMBER shall not exaggerate, misrepresent, or conceal material facts concerning the client’s assets or any related transaction. 

Article 4. Protection of Funds
A MEMBER shall at all times serve as a fiduciary for the client and shall not commingle personal or company funds with the funds of a client or use one client’s funds for the benefit of another client, but shall keep the client’s funds in a fiduciary account in an insured financial institution or as otherwise directed in writing by the client.  A MEMBER shall at all times exert due diligence for the maintenance and protection of the client’s funds against all reasonably foreseeable contingencies and losses.

> IREM      : http://www.irem.org/  : http://www.irem.org/about-irem/leadership/code-of-ethics/irem-code-of-professional-ethics

> NARPM :

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The next tip is to do your own research.

You can also do an online search for property management companies.

Websites like T-Rex Global and AllPropertyManagement allow you to plug in the size of your property and your location and they will generate a list of property management companies in your area.

Before wasting time interviewing a property manager, you should check out the company’s reviews on sites like https://www.yelp.com/about or even Facebook.

 

It’s not a bad idea to check with the Better Business Bureau as well to see what kind of rating the company has and if any complaints have been filed against them.

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QUESTIONS:

5 Questions You Should Ask a Property Management Company

Questions

1. How do you screen your tenants? (Take me through your process - what checks do you do)
2. What percentage of monthly rents do you charge? (10% is common)
3. What happens during an eviction? (Are they prepared? What happens in that state's courts)
4. What happens during a tenant turnover? (What work is done?  What does it cost? $300? materials, not labor?)
5. What is the vacancy rate in the city? (4-6% vacancies might be common)

 

/ 2 /

Downside of Buying Turnkey Real Estate

 

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