Once you have decided that your rental home would benefit from the services a property management company can offer, it is important that you select an experienced professional that is knowledgeable about the market area in the location of your property, and also someone who is going to make it their priority to see your rental property maximize its potential.

Asking the right questions and following these guidelines below, will ensure that you find the right property manager for your rental.

Google is a great search tool to find out what property management companies are available in the local area, who would potentially be able to manage your unit. Be sure to read reviews and comments left by others clients to find out how satisfied they were with the services they received.

Choose at least the top four companies and start from there. Cross reference these companies with their social media pages, company website, and general sites such as Yelp. 

Once you’ve picked your top choice for a management company to pursue, reach out to them via phone call or email and see how the communication unfolds. How quickly do they respond? A good company should contact you within one business day to get the ball rolling. You want to partner with a company that is as excited to represent your rental , as you are to rent it. There are too many other property management companies out there to settle for for one that cannot respond quickly. You want to work with a company who stays current on their messages and communications. 

The right property manager for your rental will be so knowledgeable about the area, demand, and current rental market, that you should be able to get an idea for the anticipated amount you could expect on your property, at the first on-site meeting. If your home has special upgrades or rare features, you may want to allow for a little leeway, to ensure that the amount is in range with those unique features.

The next step of the interview process is to test the property manager from the opposite side of the spectrum. Give them a call about another property they currently have listed and see how informative they are about that property. Ask questions and see how willing they are to help. The way they represent that property is more than likely how they will represent yours. Make sure you are pleased with how your future potential tenant will be treated.

Be sure to ask plenty of questions of the company you are considering to be the right property manager for your rental. It’s important in this stage to ask as many questions as possible before you sign a legal contract, which will put your rental in their hands for the next few years. Here are a few questions to consider:

A good property manager will have years managing property, not just a short stint in sales or someone who is new to the real estate game all together. The best property managers will be experienced professionals who have made this their career choice.  

Quality management companies will probably manage a significant amount of properties. While some may see this as a good and a bad thing, you should be more concerned with what their occupancy rate is. Asking what their renewal rate is, may also give you a better understanding of how satisfied their tenants are.

The obvious, big question, that will affect your bottom line the most, is how much do you charge for your management fees? Each market may vary for the percentage rate, however be sure to know all the costs that you will be charged for. Take into account any charges for required inspections, costs for sending statements, and if you will be charged a service fee over and above any fees charged for maintenance requests.

If the property management company you are considering meets all of these requirements, the final factor to consider is that you feel like your thoughts and concerns are being heard, and that you feel comfortable having a working relationship with them. This will hopefully be a longstanding relationship that will be profitable for you. Having peace of mind and knowing your property is in good hands means you have chosen the right property management company for your rental.