Hiring a property manager is a huge decision that is not to be taken lightly. The right property manager should be able to demonstrate that they are trustworthy enough to make and execute critical decisions about your property on your behalf.
This is why it is crucial that you do your research before you sign a contract with a property manager. There are several property management companies in Salt Lake City, Utah such as Real Property Management and you have to learn to separate the wheat from the chaff.
Ask for referrals from people that you trust, and make sure they have the right licenses and certifications. Once you have handpicked a handful of promising potentials, meet with them in person and get to know them better.
Here are the most important things you must know:
How many properties they manage
Ask how many properties the company manages and how many units each employee handles on average. If they have too many properties, yours might get lost in the chaos. And if they have too few, they might not have the right experience, or they may have lost clients.
How they address maintenance issues
Property managers often take advantage of this and charge impossibly large markups on conducting maintenance. Property management should include regular physical inspections of the property and maintenance. If a company charges extra for this service, drop out and run.
How tenants pay
Property managers must have an efficient, organized system for collecting payments. If they’re not doing this online, you might run the risk of having to collect late payments. Also, go for companies who can promise to send prompt payments via direct deposit.
How much they charge
Some companies charge a flat rate, while others charge based on the amount of rent. You are better off with a company that charges a percentage of collected rents, as you don’t have to pay anything if they fail to get tenants. Companies that charge a flat rate don’t have an incentive to work harder.
A good property manager is worth their weight in gold. They help ease the responsibilities of managing your property and can contribute a lot to your ROI. With a little bit of patience and research, you can find a property manager that is right for you.