In the video below, Peter with RL Property Management covers step 2 of 5 that you can take to select a property manager for your property.
There is a serious need for more information on how property management companies work and what you should be looking for and asking about when interviewing them. We outline 5 steps we recommend in this video and go into depth here on Step #2:
Step 1: Determine your needs. (Video #1)
Step 2: Evaluate the marketplace. (Video #2)
Step 3: Research the top 10 and narrow down. (Future Video)
Step 4: Call 5 companies. (Future Video)
Step 5: Meet with 1 or 2. (Future Video)
The goal of this video is to narrow your search to companies that present a clear, active local presence. Peter will examine how to identify what qualities are important and help choose the property management company that is geographically and financially the best fit for you.
Create a list of all the professional property management companies you can find that appear to be active. Look for active websites, social media pages, blogs. Discard anyone who is part-time or does not appear to be primarily focused on property management. PM is an intense business that requires focus to execute well and should dominate most of their website. Here are some ideas for finding options:
Who is advertising on Google?
Ask all the Realtors you know for referrals
Ask anyone you know who owns rental property
Ask your real estate lawyer, CPA, banker
Start becoming familiar with the typical jargon and pricing in your area. How much are leasing, letting, and placement fees? Who gets tenant late fees? How much are evictions?
Research your state’s requirements for property management. Does it require a license? Does it require special trust accounting? Is there a way to look up companies to find out if they are registered or active?
You can get a feel for how large a company is by the number of active rental listing they have on their website. More listings typically means a larger company. Do you want to work with a large company?
Narrow your list to the 10 that work best for your unique situation, which warrant further research that we will discuss in the next step.
Stay tuned for future videos covering steps 3 through 5!
For more help on choosing a property manager, see our previous blog post on “What to ask a Prospective Property Management Company”.
If you are looking for a property management team that has several decades of experience dealing with nothing but property management, do not hesitate to reach out to RL Property Management Group. Contact Us.
RL Property Management Group, the only property management company in Columbus started and run by engineers. Our clients enjoy a premium property management experience without paying a premium price. RL Property Management is designed to provide our clients reliability and performance.