If you’re looking for a property management company, and you’re not sure how to choose, we have some ideas on how to find the right one. There are a few particular things that you really need to look for in order to ensure your property is well protected.
Full Time Property Management
The most important thing to look for is a company that does property management full time. You don’t want a real estate agent who is trying to retain a client base and managing properties as a side job. You will lose that way. Real estate agents are in the business of selling houses, not managing properties. You’ll still pay the management fees, but you won’t get much more than help in finding a tenant and collecting rent. Property management is more than that. You need someone who has processes in place and a solid knowledge of the Landlord Tenant Act. The property manager has to understand city regulations, HOA processing, financial documentation and reporting procedures. Rent collection is a minor part of it, and experience is necessary.
Look for a property manager who understands and implements best practices. These should be applied to trust accounts and what to do to collect rent that’s late. Your property manager has to know when compliance notices are important and how much notice is required for the tenants before they enter a property for an inspection. Ask a potential property manager how these processes are created.
Understanding the local Phoenix market is also essential. Find out if your property manager uses the Multiple Listing Service (MLS) when searching for a tenant. If your manager does not use the MLS, your vacancy might be prolonged.
One of the best reasons to hire a professional property manager is the peace of mind you get knowing someone is responsible for handling potential emergencies at your rental home. Ask about emergency coverage and the relationships they have in place with maintenance vendors to ensure things are taken care of right away. You want to know how they find a vendor and whether they use in-house maintenance teams or private contractors.
These things will help you find a good management company. If you’d like to hear more, please don’t hesitate to contact us at Paramount Property Management & Realty, and we’d be happy to answer your questions.