Four Tips for Finding a Reputable Property Manager

Written by Family Video Coupon on January 19, 2015. Posted in Property management companies st. louis, Rental property management companies, St. louis commercial property management

Rental properties in st louis

Real estate property management comes with a number of number of responsibilities which must be handled properly if the investment is to be a success. For this reason, if you are not controlling the everyday affairs of your rental property yourself, it is important to hire a rental property management company or service that is up to the task. Unfortunately, not all rental property managers have the skills or experience necessary to help your investment thrive. To avoid hiring someone who isn’t suited to the challenge, keep an eye out for the qualities below.

They Should Be Licensed
A licensed property manager has taken an approved property management course and passed a state licensing exam. This means that the person is not only properly trained, but they will follow a state-regulated procedure to handle your rental income, security deposits and more.

Their Current Properties Should Be In Good Shape
Ask for the addresses of a few of the properties your candidate is currently managing, and plan to stop by. Are they well-maintained? Would you feel comfortable living there? If not, it’s time to talk to other property management services.

They Should Have Effective Procedures
Ask how often the property manager inspects their properties, how often they evict tenants, how they handle maintenance and repair problems and more. A real estate property management company should be inspecting the inside of units at least once a year and the outside once a quarter, a high eviction rate can mean that the manager isn’t screening tenants properly, and you should be comfortable with how they resolve problems. Keep an eye out for red flags, and if you aren’t comfortable with their procedures, speak to someone else.

Their Prices Should Be Reasonable
While there isn’t a set management fee in the industry, the average real estate management company will charge 8-10% of the monthly rate. Be suspicious of any company that charges more than this, and pay attention to other financial details: for example, some companies will keep pet deposits and other fees, which can greatly reduce your profit. The company might have a good reason for this, but it is important to stay aware of exactly what they are asking and why.

Finding the right property management company can be difficult, but in the end, it will be worth it. Are you looking for someone to help take care of your rental property? Contact a property management company near you today. More like this blog.

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