There are currently over 296,400 property management businesses in the US. The industry has grown by 2.1% since 2022. You could struggle to find the best rental property management services without a plan.
Instead of hiring the first rental property manager you find, ask these questions. Use these tips to narrow down your selection!
1. How Long Have You Operated?
Determine how long each rental management company has offered services. Look for an established business and experienced team. An experienced property manager is more likely to meet your needs.
They'll understand the problems you're facing and offer effective, customized solutions. An inexperienced team may lack efficient processes. They could waste your time and money.
The property management industry employs 877,995 people. Ask if you'll work with a dedicated rental property manager.
Determine their level of experience and expertise. Ask what types of properties they managed in the past. How did they improve each property's value over time?
Gauge their level of expertise by reviewing their credentials. Confirm that the company is licensed and insured.
You can feel more confident choosing a qualified, experienced team. As an investment property owner, you should find someone you can trust. Their years of hands-on experience can speak to their ability to enhance your properties.
2. What Rental Management Services Do You Offer?
Ask each company about the rental management services they offer. Choose a full-service management company. Their services may include:
- Marketing
- Resident screening
- Rent collection
- Inspections
- Maintenance
- Accounting
- Evictions
Learn more about the company's process for each service. For example, will they gather comprehensive reports when reviewing applications? They should consider the renter's income, eviction history, and criminal background.
Thorough tenant screening checks can ensure you choose reliable renters. You won't have to worry about late rent payments or excessive property damage.
Determine whether the company uses property management software. Will they provide renters with access to an online portal? Teams that use state-of-the-art software operate more efficiently.
Their tools can minimize human error and save you valuable time. You can automate rent payments, review your finances, and more.
Look for proof that the company can accomplish your goals. Ask about their occupancy rate. A high rate indicates their success in marketing vacant properties.
3. What's the Cost?
Ask each rental management company for an itemized list of their services. Determine what's included with each estimate. Request a copy of their contract to check for hidden fees.
Don't choose a company based on price alone. Instead, review your notes.
Choose an experienced team that will maximize your profitability. Their success rate will prove the cost of their services worthwhile.
Find Great Rental Property Management Services
Don't make the mistake of hiring the first rental property management company you find. Instead, do your due diligence. Ask these three questions to make an informed choice.
Look no further for reliable rental management services. Our team at Wave Property Management has 51 years of combined experience.
We offer effective strategies and a 96% occupancy rate to prove it. Contact us today for help with your Boise investment property.
