Just like with any investment, rental properties require constant management to ensure your asset is in safe hands. This requires a licensed and experienced property management company. The process of finding a property management company should not be rushed and multiple candidates should be interviewed.
With GMHoldings decades of experience in Philadelphia property management, we gathered our best tips to choose a property management company.
Interviewing multiple candidates in person will give you a better understanding of their services. This is the time to ask questions about their experience, services offered, and the fee structure. It is also important to find out how many properties the candidates manage to see if they can handle your properties.
Not all states require real estate licenses, but that should not stop you from reviewing a potential candidate's real estate broker’s license, to make sure it is up to date. Additional certificates are also beneficial for finding a credible property management company. Look for property management companies with these additional certifications:
These certifications prove that the company adheres to the latest property management laws.
The property management agreement lays out the outline of the business relationship between the property owner and the management company. This agreement determines what services you will or will not receive, rights you have, and costs. This is the time to ask questions about anything that isn’t crystal clear, to ensure both you and the property management company are on the same page.
Property management fees should be reviewed and compared to other companies. The lowest fees aren’t always the best deals, so the scope of work and quality of services should also be accounted for. Every property management company is different but these are the common fees that will be included in your contract.
Management fees will vary depending on if the property is commercial or residential. Remember all fees are negotiable, so you should always review each fee and see if it is worth what the management company wants.
Finding the right property management company can be a long process, but well worth it. Experienced property managers will bring in higher quality tenants because they have a more thorough screening process. The rent collection process is also much more efficient with a good management company. Property managers that keep up with maintenance will preserve the value of your investment and keep tenants happy.
Each state and municipality have different property management laws, so it is beneficial to have a property manager up to date with the latest laws and regulations. This can help avoid any legal issues with tenants and assist with taxes.
GMHoldings offers full-service property management in Philadelphia which includes tenant relations, rent collection, and building maintenance. Our team of leasing agents and property managers handle everything from developing a pricing strategy for you to screening potential tenants. We use Appfolio to handle all rent collection and maintenance requests so you won’t have to worry about getting calls at all hours of the day. Contact us today if you are looking for a high-quality property manager for your investment properties.
