Your rental property is an asset that requires proactive and professional management to protect it adequately. You wouldn’t let your neighbor’s friend manage your stock portfolio — unless she was an actual portfolio manager. Likewise, your property demands a licensed, experienced investment property manager who is responsive and transparent.
Choosing the right property manager can be an overwhelming task, especially if you’re a first-time landlord. What qualifications should you be looking for? How do you know you’re not being scammed? Keep reading to find out our four expert tips on choosing a dedicated property manager.
Look For Specialized Experience
Property Management is a complex industry. You want an investment property manager on top of current federal, state, and local laws. You will want someone who has a proven record of effectively handling the many variables that come with tenants and homes.
Look for a property management company with extensive experience caring for your particular type of investment. Companies that focus on commercial properties, for example, may not be equipped to manage the residential property properly. Questions to ask include: how long have you managed rental homes? How many rental homes do you currently manage?
Verify Professional Licenses and Certifications
In some areas, you might find people managing properties with only real estate licenses, and a few states don’t require a permit of any type. Competent property managers and management companies should be able to back up their technical expertise with proper licensing and professional certifications.
Check with your state’s real estate commission to see if a property manager’s real estate broker’s license is current. Feel free to ask about any additional training and certifications, which can be a bonus.
Check Reviews and References
It almost goes without saying, but before you take time to meet with a property management company, read through its reviews and comments. It’s also a good idea to check with more traditional sources like the Better Business Bureau and Chamber of Commerce for any complaints or positive affirmation.
Ask for current client and tenant references, if available. References can be a helpful way to assess whether you’re going to have a positive relationship with the property management company.
Examine The Property Management Agreement
The property management agreement outlines the business relationship between you and the property manager and delineates the management team’s tasks and responsibilities. Given the contract’s seriousness, it’s incumbent upon you to read it carefully and make any necessary amendments before signing off. Confirm that it lists everything you want, and there are no disagreeable clauses.
Get Trustworthy Property Management In Long Beach
If you’ve been looking for rental home management companies in Long Beach, look no further than Harbor Property Management. You will find our professional staff, local expertise, personalized management services, and competitive management fees will far exceed the competition.
At Harbor Property Management, you can be assured that you’ll be getting the best property management in Long Beach.