If you are on the lookout for a property management service under whose care you are willing to leave the tedious task of managing your property, here are a few things that you should know to pick an excellent property manager.
Hold up! Before you call them today to strike an enticing deal of taking care of your property firstly, look for specialized experience. The property management industry is very complex therefore, you must pick a company that is well equipped with the art of handling properties. To do this, look into their history of dealings, how well they have handled previous properties, and portfolios on their websites if they have done any specific training and where they have the relevant license by the current laws and regulations concerning property management.
Now that you are aware of the nature of their service to a certain extent, the next big step is to look to the verification of their license. Property management inherently has a mandatory license scheme except for service providers in areas that don’t require a license. The key to this is that competent property management service provider has the hands-on ability to back up their technical expertise with a valid and up-to-date license. You can simply verify the credibility of their license through the real estate commission and having any professional certificates or affiliations is surely an extra plus mark to the credibility factor. One other important thing to do is to go through customer reviews about the services provided by the property manager. The reason is, that reviews are knowledge about the exact services provided by the property manager. If you are talking to a prospective property manager, ask for the contact details of a current client or a tenant reference. This way, you can talk to them and find out how promptly the property manager responds to inquiries, and how much of a proactive role they play in responding to client matters such as maintenance? Are their fees very clear cut and worth their service?
Next step- thoroughly peruse the property management agreement which outlines the business relationship between you and the property manager along with the tasks undertaken by the property manager during this venture. Given the fact that you are leaving the care of a property in the hands of an unrelated third party, reading and understanding the document, amending any areas you disagree with, ensuring that the contract covers all the areas that you require, and looking into these areas is of utmost vitality. The last step in the process is to ensure that the property manager has the appropriate insurance. This includes general liability insurance, property-casualty insurance, and policies on errors and omissions. Apart from the service provider having appropriate and adequate insurance, you having insurance also becomes vital in terms of ensuring your protection. There is always the liberty to inquire your property manager about the insurance policy he has used.