Monday, December 29, 2008

How to Choose a Property Manager

Dear Property Manager:

I am interviewing several different property management companies for manage a large investment property that I own near Myrtle Beach. They each seem to bring something different to the table and I am not sure how to choose the best one.

Do you have any suggestions or criteria I should use to help me choose the best property manager.

Jackson L.
Myrtle Beach, SC

Dear Jackson,

Hiring a property manager can be a difficult task, especially if it the first time you have ventured down this road. However, It's important to hire a property manager that you feel comfortable with, and that includes what they offer in terms of services, but also in management style, experience, and cost.

The first thing to do is to determine your objectives. What do you want from a property management company? Write a list of all the tasks big and small you would like completed, including outlining the process for securing tenants, collecting monthly rent payments, eviction policies, tenant disputes, maintenance and repairs.

Next, you should research the potential management companies (or property manager) to find out as much information about them as you can. Review the websites and request referrals from friends and business associates.

Then, develop a list of questions to use when meeting with a potential property manager. You can include general industry questions and requirements as well as questions specific to your property and expectations. Some examples include:

--> How much experience does they have in property management?
--> What type of insurance(s), state licenses and credentials do they carry?
--> Does they have experience in complying with housing regulations?
--> Can they handle the accounting and billing aspects in-house, or will this be out-sourced?
--> What will the fee cover? (i.e. does it include marketing/advertising, or is that a separate cost)
--> How will the cost be determined? (i.e. flat fee vs. percentage the property income).

Finally, ask your attorney: Make sure any contract covers your best interests and includes all the terms you have agreed upon.

Please give us a call at 803.802.0004 for more information on property management. We would be happy to answer all of your questions.

Best Regards,
Property Manager

No comments:

Post a Comment

Thank you for your comment. We will review it as soon as possible. If you would like to speak with someone at Kuester immediately, please call us at 803.802.0004.