In the previous RL Property Management episode #2 (https://rlpmg.com/how-to-pick-a-property-management-company/) we covered how to evaluate the local property management company marketplace.
In the video below, Peter with RL Property Management covers step 3 of 5 that you can take to select a property manager for your property.
Step 1: Determine your needs. (Video #1)
Step 2: Evaluate the marketplace. (Video #2)
Step 3: Research the top 10 and narrow down. (Video #3)
Step 4: Call 5 companies. (Future Video)
Step 5: Meet with 1 or 2. (Future Video)
1. Using your notes and findings from step #2, create a list of the 10 top property management companies in your area.
2. Complete a more thorough “due diligence” process for each company. You should find out as much as possible without engaging a salesperson.
- See if you can find any materials they have put out: blogs, videos, Instagram, tweets, e-books etc.
- Review their rental listings. Are they detailed? How are the photos?
- Consider driving by some properties they manage.
- Make sure you read reviews if you have not done so already. Keep in mind that angry customers will use reviews to vent.
- Search their name online. Check the biggerpockets.com real estate website to see if they are active.
- Try doing research on the names of the company owner / broker / principal.
- Are they licensed? Look them up on your State’s licensing website, if it exists.
- What is the companies primary focus?
3. Reminder, a PM company has the potential to affect the value of your asset. Would you buy a property without due diligence or an inspection?
4. Your goal here is to narrow down the list to top 3 to 5 (you will be calling the top companies in the next step).
5. With this information in hand, it should become clear that 3 to 5 companies are the clear leaders in the space. Jot down their numbers as you prepare for the next step “step #4 – phone calls”.
Stay tuned for future videos covering steps 4 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.