If you own vacation rental property in another location or you simply do not want to deal with tenants, you may want to consider hiring a property management company. Owners with multiple units such as an office building or apartment complex may require an on-site manager. Property management companies offer a variety of services. Select only those that apply to your property. Require references, negotiate fees and choose wisely. A property management company is your representative and its actions reflect on your business reputation.
Instructions
1. Evaluate your property management needs. You may only require someone to collect the rent and act as an intermediary between tenants and the owner. Some projects require aggressive marketing and promotion to fill vacant space. Determine if you require a live-in manager.
2. Speak with other property owners in your neighborhood and ask for a recommendation. Many buildings have signs that indicate which company is managing the property. If you are happy with the looks of a building, call that company and arrange an appointment to have the firm evaluate your building.
3. Contact your local board of realtors for a referral. Talk to the Better Business Bureau about possible management candidates.
4. Ask the real estate department of your bank or financial institution for a referral or recommendation.
5. Interview several companies or candidates prior to selecting a firm to represent your interests. Request references and check them thoroughly. Ask if the management company is bonded and insured.
6. Negotiate a management fee and contract. Fees vary according to location and services required. Shop around and compare costs.
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