Top 5 Factors to Consider When Selecting Property Management Companies

There are over 300,000 property care corporations in the US. With so many options, selecting property management companies is never easy. Property managers are essential for setting rental rates, marketing your property, and more. 

In this article, we’ll make your selection process easier by highlighting the five most important factors to consider. You’ll never have to worry about the quality of your property management company again. Keep reading for the top five factors to look for.

1. Property Management Experience

The longer a property management company has been in business and the more properties they manage, the better. If you notice that a company only manages one or two properties, this may be a sign that they are new to the industry and might not handle your needs as well as a larger company.

In addition, it’s helpful if a company has experience managing similar types of properties in your area. This will allow them to understand how different aspects, such as taxes and utilities, operate where you live so they can accurately predict costs and expenses for future years.

2. Types of Property

Most companies offer residential, commercial, and multi-family services. Residential properties include single-family homes and townhomes. Commercial options include office buildings and retail space, while multi-family can mean over one building on the same lot (think condominiums).

Confirm what kinds of property the company offers by looking at their homepage. You can also call the company, but email is usually a better bet if you’re looking for terms and conditions in writing. 

3. Reading Online Reviews

The best way to read online reviews is to look for the most positive and negative ones, then evaluate them based on their content and not just their number of stars. 

If there are multiple complaints about similar items (such as poor communication), it may suggest potential problems with how the property management company runs its business.

On the other hand, if there are multiple good reviews that mention excellent communication or timely responses, the company may be worth giving a call. 

4. Asking Questions and Assessing Responses

Asking questions is a great way to get a feel for what working with a provider will be like. You should ask about their experience and how they will help you reach your goals. If you are interviewing multiple property management companies, ask each one the same questions so that you can compare responses.

5. Comparing Property Management Costs

You should always request a service cost breakdown before signing a contract with a property management company. A service cost breakdown will tell you exactly what services the company includes in your monthly fee and how much each of those services costs. Most reputable companies will be happy to provide one for you.

Make Selecting Property Management Companies Easy

Selecting property management companies is a big decision, so it’s important to do your research and take your time. The above factors should be considered when making this decision, but they are not exhaustive. You can find more essentials for company selection in our blog.

There are tips on property planning and home design, as well as information about all things lifestyle related. Check out some of our other articles to give your decision-making a boost.

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