Web Admin – Thursday, July 18, 2013
Today we are discussing how to choose a good property management company for your investment property. Taking the time to really get to know a company before you sign a contract will protect you and your property. Here are some things to look out for and a few tips in making that critical choice which will have an impact on how your investment is cared for.
The first thing to look at is the company’s website. You can get a lot of background information about the company and how it works by visiting their site. Most companies will provide testimonials or recommendations from current and former clients. Read those, and if they are not provided on the website, ask the company for a few references. Take the time to call those clients yourself. This is a good way to make sure they are legitimate property owners, and not just fictional customers attached to great reviews. Ask them what they have liked about working with the property management company, and why they feel comfortable offering a referral.
Word of mouth is a great way to get reliable information on property management companies. If there is an active client who can recommend a company, you should follow up on that lead. You can also check with local organizations that any reputable property management company will belong to. These include the Better Business Bureau (BBB), the National Association of Residential Property Managers (NARPM) and the local apartment association. You can contact those organizations for a list of property management referrals in Utah.
Good vs. Bad QA Utah Property ManagementAnother thing to investigate is whether they are licensed and insured. A property management company should also have E&O insurance as well as liability insurance. Ask about the company’s experience managing properties. This is very important. If property management is just one of the many things they do, find out how much of their business is in that field. You want a company with experience specific to property management.
Always ask about affiliations and memberships. This helps you identify whether the property managements are being educated and staying current in the laws and your rental market. Ongoing education is very important for professional property managers.
Hopefully, these tips have been helpful in your process of choosing a property manager. This is likely one of your largest investments, so you want to make sure you work with a company that can back up what they say they do. If you have any questions about how to choose a qualified management company, or you’d like to hear what Sentinel Management Group can do for you, please contact us.