With over 248,000 property management companies operating in the US today, it can be difficult to choose the right one.
Working with a reputable property management company can elevate your property investment and make your life a lot easier. A full-service company will take care of everything from tenant screening to maintenance, so it's a no-brainer if you want to take a hands-off approach to real estate investing.
To find the best property manager, you need to know what questions to ask. In today's post, we'll tell you 4 great questions to ask. Read on and we'll ensure you end up with property managers that can get the job done.
1. Are You a NARPM Member?
Finding out if the property manager belongs to a professional organization will tell you if they have the expertise you need. The biggest organization in the property management industry is the NARPM.
When a property management company is associated with the NARPM, it guarantees a certain level of professionalism. They're held to a higher standard as a member of this organization, which promises that you can rely on them to handle any and all property management duties you throw at them.
2. What Is Your Reputation Like?
You can head to Google and look at online reviews from former clients and tenants, but it doesn't hurt to ask to see testimonials either. What a property manager's former clients say about them tells you a lot about what your experience might be like.
The opinions of former tenants are just as important, however. If a property manager routinely has problems with tenants, it's a major red flag. You need happy tenants to keep vacancies down and cash flow up.
3. What Services Do You Offer?
Before you start your search for a new property manager, you should know what services you need. Some property owners want to stay semi-involved in the running of their rental property, while others want to take a completely hands-off approach.
A good full-service property management company will provide all of the services you need without forcing you to opt in on everything. Sit down with a few companies and find out how they operate before making your decision.
4. What Is Your Fee Structure?
Lastly, ask how the property manager charges for their services. Most property managers will handle rent collection, as well as paying for expenses, then collect their fees before the money ends up in your account.
Make sure you know how much they're charging per unit and per month. It should all be written in a contract that both parties agree upon.
Choose the Best Property Management Company in Bothell
Now that you know what questions you need to ask to find a great property management company, it's time to start your search. Finding a great property manager will revolutionize what it means to be a rental property investor.
For those who need property management services in Bothell, look no further than PMI Property Management. We're a top full-service property management company in the country, so contact us today to learn more about what we do and get a free rental analysis.
