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How to Vet a Property Management Company

Charlestown Property Manager Talking to Property OwnerIf you have considered hiring a Charlestown property management company, you might be thinking about how to determine which one is right for you. Given that no two property management companies are exactly alike, it can be challenging to make comparisons. Some small property managers may offer only a few services, while others provide a full range.

It is also important that the company you find is a good fit for you so you can work comfortably with them. Your property management company is an important part of your property investing team. Getting the right people on board will ensure that you maximize the potential of your investment property. Here are some ideas on how to efficiently vet a property management company before hiring one.

Ask for References

One of the first things you should do when researching a property management company is to speak with current or former clients. Ask other property owners who have worked with that particular property management company how it was like working with them.

Check Qualifications

It is also important to validate any property management company’s qualifications and credentials. Check for current and correct licenses on top of the property manager’s background and experience. Review your state’s requirements as well, since requirements for certification differ from state to state.

Ask Questions

Aside from the Charlestown property manager’s references and experience, there are many other questions you should ask. The time to ask questions is before you hire a property management company, not after! Before signing any management agreement, make sure you are getting the right fit by getting the answers to this list of questions.

For one, you will want to assess the property management company’s track record, the number of clients they have, and how they communicate both with you and your tenants.

You should also ask for the details of their fee structure and contract:

  • Are their fees listed and transparent?
  • How will they help in preparing and marketing your property for your tenants?
  • How will they handle property maintenance and repair requests?

Good tenant relations are very important if you want to have a profitable rental property, so you should know how they screen tenants and what they usually do to ensure that your tenants are treated well and respectfully. A good property management company also makes owning rental properties easier and more efficient by using technology in basic administrative tasks like collecting rent and running reports, so make sure you ask what they are offering.

Another thing to look for in a property management company is its capability to provide good and timely information on your rental properties so you can make future decisions about your investments. The best property management companies can even help you optimize your cash flows, locate new rental properties to buy, and much more.

Finally, choose a property management company that gives you both the local market expertise you need and the capabilities of a large national company. If you want true quality in your property management experience, contact Real Property Management Commonwealth. We offer a full range of high-quality services to property investors and owners like you. Contact us online or call at 617-299-2342.

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