It’s not easy to manage a
rental property, especially one that is located in the middle of a bustling
city. The owner’s best option is often to hire a property management company. This
way he can ensure that his property is being well run, and is generating income
while he spends his time in other pursuits. However, hiring a proper management
company requires a vigilant eye.
Are They Licensed?
Choose only licensed professionals.
This means that the company’s agents
had passed state licensing exams and have the title of either a licensed
Property Manager or a licensed Property Manager in Charge (PMIC); the PMIC is
able to run a company on his or her own while a property manager is required to
work with a PMIC or a BIC (Broker-in-Charge).
How They Handle Properties
Next, check how such
companies handle the rental properties of their clients. This entails an ocular
inspection of such establishments. You could also determine how successful a
company is by checking whether their other clients’ establishments are located
in prime locations, or are doing exceptionally well in their respective areas.
Learn about how they deal
with issues concerning tenants, the collection of monthly rents, and the maintenance
of the premises from the exterior to the interior and the furnishings.
Moreover, note that established property management companies monitor
prospective tenants and maintain a close network of various service providers. Finally,
consider if the property manager’s rates are fairly reasonable for the services
they provide.
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