How to Select Property Management Services: What You Need to Know

How to Select Property Management Services: What You Need to Know

45% of landlords manage their own properties. They choose to handle duties such as property inspection, leases, and advertising by themselves.

Around 70% of property managers are willing to take these duties off their plate. This leaves landlords more time for important personal and business activities, but finding the right one amongst the thousands of options is difficult.

Read on to learn how to select property management services.

Start With a Narrow Search

Use narrow keywords in your search that include your local area. Search for "property managers in Charlotte" instead of just "property managers."

Look on websites made for finding property management companies. Reach out to local real estate and property management associations if the internet isn't getting you where you want.

Make Sure They're Licensed and Insured

Only work with a licensed property management service. Use license databases to check that their credentials are up-to-date and appropriate for your state.

Check their insurance as well. They should at least have:

  • General liability
  • Property-casualty
  • Errors and omissions

These two factors let you know that you're working with an experienced, qualified service. They also will help protect you if anything goes wrong while working with them.

Check Their Experience and Reputation

Spend a bit of time reading online reviews and see if you can get referrals. Their documentation will also help you see how they've worked with other clients. Ask to see samples of their:

  • Management agreement
  • Tenant lease agreement
  • Owner reports
  • Vacancy postings
  • Brochures or marketing materials

This will help you gauge their property management experience. See what properties they've worked with in the past and make sure they're similar to yours.

Look at Their Services

Managing rental properties is a full-time job. If you're looking to hire a property manager, think about what you parts of it you want them to help you with.

Their services could include:

  • Marketing
  • Finding, screening, and managing tenants
  • Collecting rent

Take a careful look at their list of services. Move on to another if any important property manager responsibilities are left out of their offerings.

Check Their Customer Service

Working with property management services is a two-way relationship. You should both be able to communicate with each other about any issues or changes.

Try calling or emailing them on different days and at different times. Notice how quickly they respond and the content of their messages.

Consider Cost

One of the last but most important considerations before you select property management services is cost. You'll have to weigh their fees against the help they provide.

Expect to pay at least a 7-10% monthly management fee. Find out about all of their other charges, including setup or onboarding fees and charges when tenants move in or renew their lease.

How to Select Property Management Services in Charlotte, North Carolina

Trying to select property management services means narrowing down your options to find the best one for you. Start by searching for all the ones in your local area.

Don't work with them if they're not licensed and don't have the correct insurance. Look into their experience, reputation, and services. Call them to see if you can communicate clearly. Make sure their services are worth the price of their full bill.

Home River Group Charlotte are your local property management experts. Contact us today.

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