If you own rental properties, you understand the challenges that’s involved in the management of them. Managing local properties, is doable however if you are an out of state owner, managing rental properties becomes very difficult. That might be the time to hire a property management company.
A long-distance property manager is not a slam dunk either. There are some things to consider for a successful relationship. Here are a few:
How to Find the Right Property Management Company
A property management company can make or break you on your long distant investment property. A management company needs to be your business partner and be your boots on the ground. They will oversee your investment and that includes taking care of the property as well as keeping your tenants happy.
Be sure to ask how often they do onsite property inspections. It’s amazing to learn that some property managers never inspect the property after the initial tenant moves in. You should require at least two inspections per year. In addition, you should also require a move out an inspection to be completed when a tenant moves out.
Require the property manager to send you a copy of each property inspection report.
A good property manager will keep your property in great shape, but you should keep open communication on a regular basis. This will help you keep your finger on the pulse. This also sends a message to the property manager that you are an active investor and you are still the ultimate manager of your properties.
Be sure to discuss with your manager what is working and what is not. Let them know what you are pleased with and what needs improvement.
Being an active property owner sends a strong message to the property management company that cutting corners, in any area, is not going to work with you. It confirms to the manager that you are and plan to stay on top of your investments.
If the property manager was to slack in any of their duties, your active involvement will keep your property manager on their toes.
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