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How to Vet a Property Management Company

Lawrence Property Manager Talking to Property OwnerIf you are considering hiring a Lawrence property management company, you could be wondering about the best way to pick the right one for you. Since no two property management companies are exactly alike, making comparisons can be challenging. There are small property managers that offer only one or two services, while others may offer a full range of services.

Additionally, it is important to choose a company that you feel comfortable working with and is a good fit. Your property management company is an important part of your property investing team. To make the most of your investment properties, you should be able to get the right people on board. Here are some tips on how you can efficiently vet a property management company before hiring one.

Ask for References

One of the first things you should do when researching a property management company is to speak with current or former clients. Property owners who have used that particular property management company can give you an idea of how it is like working with them.

Check Qualifications

You should also look into any property management company’s qualifications and credentials. Check for current and correct licenses on top of the property manager’s background and experience. States require different requirements for certification so you must know exactly what you are getting yourself into.

Ask Questions

In addition to the Lawrence property manager’s references and experience, there are many other questions you should ask them. The time to ask questions is before you hire a property management company, not after! Make sure you have the answers to this list of questions before finalizing any management agreement.

For instance, you will want to know the property management company’s track record, the number of clients they have, and how they communicate and interact with you and your tenants.

This is also the time to ask detailed questions about their fee structure and contract:

  • Are their fees listed and transparent?
  • How will they go about the preparation and marketing of your property for your tenants?
  • How will they handle property maintenance and repair requests?

Good tenant relations are very important if you want to have a profitable rental property, so you should know how they screen tenants and what they usually do to ensure that your tenants are treated well and respectfully. Knowing what types of technologies the property management company uses is also great. This will give you an idea of how they can accomplish the tasks involved in owning rental properties more efficiently, from collecting rent to running reports.

You will need good and timely information on your rental properties if you want to make the most of your investments, so it’s important that the property management company you hire can provide you with the information you need. The best property management companies can even help you optimize your cash flows, locate new rental properties to buy, and much more.

Finally, choose a property management company that gives you both the local market expertise you need and the capabilities of a large national company. If you want true quality in your property management experience, contact Real Property Management Indianapolis Metro. We offer a full range of high-quality services to property investors and owners like you. Contact us online or call at 317-484-8444.

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