When you cannot be near your real estate investment, you want to be certain you’ve placed it in the right hands to keep it safe and secure. A good property management company can keep your rental properties occupied, maintained, and performing as well as you expect. Today, we’re discussing some of the things you want to make sure your property management company is doing.
Designations and Accreditations
Work with a management company that is active in professional organizations and in possession of valuable accreditations. For example, an Accredited Management Organization (AMO) will meet specific certification criteria. This accreditation is administered by the Institute of Real Estate Management (IREM), and not every company has it. To meet the AMO standards, a management company must abide by a professional code of ethics that’s based on property management best practices. You know you’re getting excellence when you hire a management company that’s AMO certified.
Experience and Stability
Successful real estate investing means relying on a property management company that is established and respected in the local market. You want someone that has a track record of success, and an excellent reputation. As an investor, you don’t want to worry about someone stealing from you, mishandling your finances, or missing important deadlines that put you at risk. Many mom and pop shops do a great job for their clients, but you’re safer with a company that has deep financial resources, adequate insurance, and the technology available to manage your property efficiently and effectively.
Responsiveness and Accountability
A good property management company is responsive, and experienced when it comes to handling emergencies and disasters. You need someone who can quickly mobilize vendors to protect your asset and minimize damage and expenses. Before you hire a property manager, find out how they have handled unexpected situations in the past. Ask what their procedures are for emergency repairs, tenant disputes, and legal conflicts. Remember that you get what you pay for. The cheapest property manager is not going to be your best option if you’re a serious investor who wants to earn more and spend less on rental properties.