If you own a rental property or several rental properties, you’ll find that your duties and responsibilities quickly add up. As a landlord, there’s a lot to do.
Aside from continually meeting your tenants’ needs, you also have to think about property maintenance, rent collection, vacant property marketing, and more. Do you have enough time in your day to handle all of these issues? Do you want to carry this burden alone?
If not, you can hire a property management firm to take over any and all duties for you. But how do you find the best property management company?
We’re here to help you answer this question. Keep reading for a list of the top mistakes to avoid when searching for the right property managers.
Table of Contents
Not Learning What Services They Provide
First, don’t make the mistake of hiring a property management firm that doesn’t provide all the services you need. Some property owners prefer to take a hands-off approach. This is common for property investors who have multiple properties or a full-time job.
In this case, the best property management company will be one that has all-encompassing services. This includes:
- Rental property marketing
- Tenant Screening
- Lease drafting
- Rent collection
- Late payment notifications
- Eviction notices and enforcement
- Property maintenance and repairs
- And more
Before you reach out to a property management firm, decide which services are most important to you. As you’re vetting your options, ensure that those duties are something they will take on.
Not Verifying Their Credibility Through Client Reviews
Once you’ve narrowed down your list of viable property managers, the next step is verifying their credibility. You can do this by visiting their websites to see client reviews and testimonials. It’s important to see what other property owners think of their services.
For example, do they seem to handle maintenance issues and tenant complaints in a timely manner? Do they provide high-quality services? Do their clients recommend their services to other property owners?
To get a good idea of what you’re looking for, check out vividpropertyperth.com.au to see a property management firm with excellent ratings and reviews from their clients.
Not Comparing Property Management Prices
Finally, don’t make the mistake of hiring a property management firm without analyzing its costs. Reach out to the top property managers on your list to get a free quote for the services you require. Use the same parameters to ensure fairness while comparing fees.
Then, make your choice based on the most competitively priced services. Of course, you’ll also want to factor in the items listed above. For example, you wouldn’t want to save money by hiring a low-cost property manager that has terrible reviews.
Looking for a Reliable Property Management Firm?
We hope our property management guide helps you find the best property management firm in your area. Don’t fall victim to any of the mistakes listed above.
And if you’re after more property management tips or small business advice, you’re in the right place. Stick around for a while and browse through some of our other articles to find more content designed to help you become more successful.