Purchasing a commercial or residential building can be lucrative when it offers a high return on your investment from tenants’ rent. Although you don’t need to live in the area, you’ll want a dedicated point-person on-site to maintain the building, ensure rent is collected on time, and see to other important responsibilities. Here’s a guide to help you find the best property management company for the job.

3 Tips to Pick a Property Management Company

1. Ask for Client Referrals

When meeting with candidates, ask for a list of clients you can contact for feedback. Knowing about other real estate investors’ experiences will shed light on what you can expect. You can also research companies on the Better Business Bureau® website. Profiles include reviews and whether there are any complaints from landlords and tenants.  

2. Inquire About Accounting Procedures

Collecting tenants’ rent is how you’ll turn a profit, which is why the property management company should follow accounting practices that protect a landlord’s interests. To boost the efficiency of the rent collection process, for example, work with property managers that offer direct debit for tenants, which eliminates time spent waiting for checks to arrive in the mail and going to the bank to cash them. The property managers should also possess meticulous bookkeeping skills to make it easier to address issues with tenants who have a history of delinquent payments.

3. Find Out About Screening Practices

Following thorough screening procedures will make it easier for the property management company to find upstanding tenants who will pay rent on time. Ask each candidate how they screen building applicants. The process should include running credit checks, verifying employment, and finding out about any past evictions. To prevent legal trouble, the commercial or residential property management team should also adhere to Fair Housing Act laws. 

If you need reliable, trustworthy, experienced professionals to manage your property, contact the staff at the Pukalani, HI-based Classic Maui Properties. For over 40 years, real estate investors across the island have relied on the team to see to the needs of their commercial and residential investments. Visit the property management company online to request a consultation, or call (808) 878-1001 to schedule an appointment.