Finding A Good Property Manger

By Jack Barry • July 17th, 2011
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Many of the property owners, especially if they only live within a few hours drive, try to manage their own properties. They soon find out, like everyone else that has tried to self-manage them, all the headaches and time consuming tasks that can come along with it. The always seems to be a clogged toilet or the heat is not working when it is 100 degrees outside. They always seem to pop up right in the middle of something else. And don’t forget about the tenant that every week promises they will have the rent for you next Friday, at least in the Myrtle Beach property management business. They all have something more important than paying the rent that has come up! If you want your free time back a good property manager is the solution.  So when looking for one here are a few good things to keep in mind.  Do you want to look for a property management company to manage an individual home, condo, apartment or for an association, apartment building, or commercial property? We know that we can help you. Making sure your property is efficiently managed is very crucial.  Finding and choosing a property management company that will properly manage your rental property can be difficult.  The following tips will ensure you make the right decision.

Choosing a company that is knowledgeable of the local market is one of the first criteria that you should look for.  Hiring a management company that knows the local market means that your property manager knows what renters are looking for. By looking at a property as if they were a renter a good property manager can help increase the rent rates, lower turnovers, and decrease your vacancy time. The manager should while walking the property advise you of smart and cost-conscious recommendations that increase your return while maintaining or improving your property so it is desirable. A management company should always keep your property competitive in the rental market, if they are good.

Next, you will want to interview the property manager or property management company. How will they find tenants.What other forms of marketing on the Internet do they offer besides their website?  Find out how do they look after properties and respond to tenant’s maintenance requests.  You will also want to find out how do they track income and expenses? Find out if they are utilizing property management software?  Do they offer owner statements reflecting the property’s income and expenses?

It is always a good idea to find out how long they have been in business and how long they have managed properties in your area. It’s likely that the new guy may not have the best knowledge or experience to handle the situations that may arise. Find out if they are members of any Real Estate management organizations, are certified property managers, or if they have received any specific training in property management. It’s never a bad idea to ask for at least three references.  Also, you want to get someone who is experienced with the type of property that you have. Looking for a company with a system in place is the key. As a rule of thumb it never hurts to ask for a copy of reports given to owners. If they hand you something typed up by hand on the spot and not a computer generated report, tis is not what you are looking for. Your red flag should go up.  That shows that they do not have proper rental bookkeeping methods in place. Remember they have got to have a system.  You even want someone who has a back-up for when he or she is on vacation or out of the office for any other reason.Look over a copy of the management agreement and make sure you understand the fees.  You want to make sure you understand the terms and conditions of the agreement and how often the agreement is renewable.  You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.

Following that make sure the company can run credit and criminal check if needed and they verify income as well as screen for previous evictions. Where are security deposits kept and how are they collected? How often are payments made to owners and what is their policy for collecting the rents?  What options are available for your incoming payment, do they offer direct deposit?

Will they handle arranging any necessary repairs and do they have qualified people that they use if you don’t have a personal preference or requirement for your property?  Will they then handle paying any vendors and other bills out of incoming rent payments?  Does the property management company set up a property reserve for minimal/insignificant repairs? make sure all repairs over a certain dollar amount you are notified and approve of it first.  Usually this is in the range of anything over two or three hundred dollars.

Do they conduct periodic property inspections and inventories if the properties are furnished? When a tenant gives a notice are you contacted immediately?  Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?

Be careful of a property manager that is charging the lowest fees, it does not mean they are a good manager. The ability to manage the property according to your requirements will differ and so it’s necessary to carry out a screening process. Best of luck and hope you found these tips helpful.

From your local Myrtle Beach Property Managers,By the Beach Properties

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