Owning rental real estate can be a great investment. In addition to a nice source of income, the appreciation value may add a significant amount to your net worth down the road. But, if you own several properties – or even one, in some cases – the maintenance and dealing with tenants can become time consuming. Partnering with a good property manager can help you to free up more of your time so that you can still enjoy the benefits of property ownership, yet without having to worry every time the phone rings that you’ll have to fix a leaky toilet or patch the roof.
When looking for someone to manage your properties, you want to ensure that you’re working with the right company. Here are some tips to follow when narrowing down your choices:
Service / Accessibility
One of the most important questions that you can ask a potential property manager is how accessible they will be. With tenants, emergencies can – and will – occur. And they don’t always happen between 9:00 a.m. and 5:00 p.m. Monday through Friday. With that in mind, you will want to know that you have a property manager that is ideally on call 24 hours per day, seven days a week – all year round.
Ask if your property will be inspected on a regular basis – and especially upon move-in and move-out of the tenants in order to assess the condition. This should also include an inspection of the systems in the home such as the air conditioner and all appliances.
Sample of Current Properties
You will also want to see a sample of the properties that the company is currently managing. In this case, ask for the addresses of some of the other homes and / or apartment complexes – and then go drive by them in order to ensure that they’re in good shape. If the company can’t (or won’t) provide you with any, this could be a red flag. On the other hand, if you are given a long list of properties that all appear to be in great condition and are well-managed, then the company is likely reputable.
Agreement / Termination Clause
It is also wise to have your property management agreement in writing – along with a termination clause. Even the very best of relationships may begin on the right foot, but for one reason or another just don’t work out. That being the case, be sure that you also have a termination clause in the contract.
Knowing that your properties are well taken care of can allow you to focus on other things – including purchasing more investment real estate, if that is your goal. If you own property in Orlando or Tampa, as well as the surrounding area, give us a call and we’ll show you why we’re one of the fastest growing property management companies in all of Central Florida.