Rental properties can be a great source of additional income, but the responsibilities involved weigh on many prospective investors. That’s why it’s vital to find the right property management company to work with. Here are three qualities to look for when you’re researching different options.
3 Characteristics to Look for in a Property Management Company
1. Licenses & Certifications
Some states require a property management company to hold a real estate license to show available long-term and residential units, so ensure the ones you’re considering meet all the local laws. Furthermore, search for a business that has taken the time to obtain additional education through an organization like the National Association of Residential Property Managers (NARPM) so you know they have up-to-date knowledge and truly care about their industry reputation.
2. A Clear Management Agreement
A management agreement will determine your entire relationship with the company, including fees, expectations for the property owner, responsibility of the property manager, allowable maintenance contractors, and liability information. This legally binding document should be thoroughly reviewed for these sections, with particular attention paid to the financial terms you are agreeing to. For example, it should be clearly stated if you are paying a flat fee or a percentage of the rental income to the company.
3. Local Area Knowledge
Do you have a home you’d like to put on the market but don’t live near the property? Then you need a reputable property management company that has knowledge of the rental market and things to do and see in the surrounding area. Local expertise will also help your tenants find the appropriate utility department contacts and settle into their new location comfortably. You will rely on the property managers to be the first line of contact with your tenants, so find someone with a friendly disposition.
Let Southern Rentals & Real Estate take away the burden of property management so you can focus solely on the benefits of ownership. They have offices spread along the Gulf Coast of Florida and Alabama and will ensure your expectations are exceeded. Give them a call at (866) 534-8939 to speak with a property management expert, or reach out online for more information on adding your listing to their family of properties.