7 Tips to Help You Choose the Best Property Management Company
Are you searching for information on how to find the best property management company? If so, you’ve come to the right place.
Searching for the most experienced property manager is understandable simply because a property management company will save you the time, money, and hassle of managing your rental property yourself.
In today’s world, there are a wide variety of property management companies out there, but few are experienced or could be classified as a great property management company.
Thankfully, finding the most experienced property manager is easier than you think, especially when you follow these tips.
How To Choose The Best Property Management Company
Even though some property management companies have a nationwide footprint, the reality is that few of those companies know the local area where they have offices.
Choosing a property manager that has local market experience is important because, they will know the rental market better than anyone, and have a tight vendor matrix of maintenance professionals, contractors, and service companies that they can turn to at a moment’s notice.
Tip #2 – Look for Experience
Another thing to be on the lookout for while searching for the property management company is a property manager with verifiable experience.
The property management company that you decide to work with should have been in business for at least five years and have verifiable references that can easily be found on websites like Google My Business, Facebook, Yelp, and other local business directories.
If the company cannot be found online, or if no customer reviews exist, this should lead to you questioning the legitimacy of this company and wondering if they truly have the experience that they had claimed to have.
Every service-based company currently should have reviews online, regardless of if they are good or bad, simply because this is one common trait that comes from doing business in the computer age.
By reading management reviews, you’ll be able to get a good understanding of the services that the company has to offer and you’re going to have Peace of Mind in knowing that they are the most qualified company to provide you with the services that you need.
Tip #3 – Make Sure They Have a Team
As the old saying goes, teamwork makes the dream work, and the same can be said about hiring a property management company.
One of your top goals during your search for the property management company should be to hire a company that has an actual team that manages their clients’ rental properties.
Yes, having a team does mean that they should have at least one person who specializes in each of the individual services that you need for your rental property including customer service, rent collection, maintenance, accounting and marketing.
Choosing to work with one person who does everything will only lead to failure because, that one individual may have property management experience but, once they get busy, the quality of their work, and the time that they’re able to invest in managing your rental property will only begin to fail.
It’s best to thoroughly analyze the property management company before you hire them and to confirm that they do have a team that manages their rental properties so that you could have confidence that your investment property will be professionally managed by caring professionals who will offer your tenants the best service possible.
#4 – Verify Their Licenses
You may have thought that you found the property management company but, one more thing to look for during your search is to verify that they are licensed in the State of Oregon.
Every property management company in the State of Oregon should have a license to manage rental properties, if a property management company is not licensed, this should make you think twice about hiring them to manage your rental property.
Choosing to work with a licensed property manager shows you that they are fully committed to their business and willing to go the extra mile to ensure that they get the training and skills that they need to professionally manage their clients’ rental properties.
#5 – How Mane Properties Do They Manage?
While searching for a property management company in Portland Oregon, or elsewhere in the United States, you should also be willing to ask the company how many rental properties they currently manage.
A professional property management company should be willing to tell you upfront how many properties they currently manage in their portfolio and where those properties are located.
Yes, you won’t be able to inspect those properties in person but, you should be able to drive by each property to get a bird’s eye view of how that property looks on the outside.
If the property looks well maintained, clean, and has tenants, this should be able to provide you with confidence and Peace of Mind and knowing that you’re going to be working with a property management company that will apply the same standards when managing your rental property.
#6 – What Is Their Vacancy Rate?
Last of all, another key question to ask during your search for a property management company is what is their vacancy rate?
In 2022, the state of Oregon currently has one of the lowest vacancy rates in the United States, especially in the Portland area, where vacancy rates have dropped to record lows in recent years.
An experienced property management company should be able to quickly and efficiently rent their client’s properties so that there are no more than 30 days between the vacant property and its next tenant.
#7 – Thoroughly Analyze Every Company
Since the start of the real estate market boom, there are more property management companies out there than ever before but there are also many companies out there who lack the experience that they need to professionally manage their clients’ rental properties.
The Internet can also make it more difficult when comes to finding the property management company because it’s easy for any company to establish an online presence so they look legitimate when the truth about that company could be far different.
Before you take the last step and choose to work with a property manager, you should also thoroughly analyze that company and use your best instincts before choosing them.
You must realize that if a property management company excels in one area, but you find them lacking in other areas, ultimately, it’s going to be the areas that they are lacking in which could ultimately hurt your ability to continue earning passive income from that property.
At Rent Portland Homes Professionals, we specialize in property management for Beaverton and surrounding areas.
Our team will save you the time and hassle of DIY property management so that you can focus on enjoying the passive income that comes from your rental property.
To learn more about the services that we can offer you, contact us today by calling (503) 646-9664 or clicking here to connect with us online.