As more people flock towards major U.S. cities to employment, they are stuck with an important decision: Should I rent, or should I buy? For most people who may not know how long they will be working for a specific company, renting is the best option. Newlyweds and those who are unmarried will often rent properties because they are not yet willing to have the responsibility of owning a home.
Because of this lifestyle change in America, the U.S. property management industry generates roughly $69 billion in annual revenue, and the entire market has increased an estimated 3.1% every year between 2009 and 2014. This increase in profits is mostly attributed to top property managers and the best property management companies in the industry. So, if you are looking to rent your property, here are some tips to finding the right property manager for you.
Ask for Referrals Finding the top property managers should not pose too difficult of a task — as long as you ask for a referral. Friends, relatives, neighbors; ask them who sold them their home. There are currently 206,328 property management businesses in the country today, but if you don’t ask around to determine the best one of the bunch, you could end up with a fraudulent company. Check the property management website to see if the recommended company has their managing license and always be sure to read the complaints (if there are any).
First ImpressionHiring a property manager allows you to have access to certified, trained professions to maintain your home. However, if you are not getting a good vibe from the property manager (i.e. they are hard to keep in touch with, they beat around the bush about expenses, etc.), you may need to continue your search. Always try to meet each candidate in person and see if they are dressed professionally and well-spoken. Always ask yourself if you would want to rent a home from this person.
Handling the Business Property management services include helping an owner manage tax reporting and other responsibilities involved in maintaining a home. Looking at their website, you should be able to determine whether or not you are impressed with its appearance and will generally understand whether or not they are successful. Property manager duties also include collecting and setting rent, advertising your property, and maintaining it when it is vacant. If you are unsure of how your property manager deals with properties, ask these simple questions:
- Where will you advertise my vacant home?
- How many vacancies does each property manager have?
- What is the average length of time a place stays vacant?
The Contract Lastly, make sure to read through the entire property manager agreement and check to make sure the property management fees make sense. Generally, a property management company will take 10% of the monthly rent. Ask how maintenance and repairs are handled, as well as how they deal with evictions.
The top property managers will always be very open and honesty about their business practices to ensure you are not left in the dark when it comes to how they are managing your property
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