Property managers can make your life easier or they can be the source of many headaches and a loss of income. Choosing the right company that offers property management near Las Vegas can be time consuming, but it is well worth the investment. We at Simply Property Management pride ourselves on our work and want to be sure that every property owner – whether they hire us or not – knows exactly what they’re getting when they hire a property manager. Here are three tips to help you on your way to hiring the best management company for your rental unit:
1. Improve Your Screening Process
The reason why many property owners end up disappointed by their property manager is because they didn’t do enough research on the company or the individual. Many professional real estate investors recommend screening your property manager as tenaciously as you screen a tenant. We say that you should spend even more time interviewing the management company than a tenant and perform a thorough background check.
* Obtain references and follow up on them
* “Interview” the company (how long have they been established, what are some other current clients of theirs, do they perform routine maintenance, etc.)
* Ask about how many properties a property manager is currently managing
We equip our managers with the right tools and train them on the most cutting edge processes in the industry, but even our staff has their limitations. Experienced managers can likely handle 30-40 units. Any more than that and your property will likely suffer neglect.
2. How Often Are They on the Property?
This question will help you immediately differentiate the good property managers from the bad. At Simply Property Management, we consider routine and formal inspections to be a regular part of the job. After all, that is the only way a manager can actively manage the property. Formal inspections typically take place quarterly, or four times a year, with informal inspections sporadically throughout.
Bad management companies will either:
* Not conduct a formal inspection; or
* Charge an additional fee for such a service.
Our company believes that formal inspections are an integral part of the job. Be leery of companies who attempt to charge extra, or who do not conduct regular formal inspections of your property.
3. Clarify How They Charge You
The going rate for a property manager is somewhere between 5% and 10% of the rents. While this may sound straight forward, less than ethical managers will base this on the total rents that could be collected, regardless if the rent is collected or not. We find this practice to be unjust particularly as a key component of a property manager’s job is to collect that rent for you. If they want to get paid, you should get paid.
