Whether you have just purchased your first investment property or are thinking about dipping a toe in the real estate market, choosing the right property management company is vital to the success of your venture. Signing up with the wrong company for your needs can eat into your profits and cause you countless headaches if issues are not dealt with promptly and satisfactorily.
With so many companies to choose from, it can seem overwhelming to know where to start. Here are some tips to help you find the best firm for your property.
If you are considering signing up with a company, do some basic research first. This should be easy enough with a few quick internet searches. While online reviews are not always 100 per cent reliable, you should be able to get a rough feel for the company’s reputation if there are a large number of reviews. Check how long the company has been in business and find out what professional bodies the firm is a member of. Take a look at the portfolio and see the kinds of properties the firm manages; after all, there is no point approaching a company that manages large corporate properties if you have a small residential property to rent out.
Check the area your chosen firm operates in. If you are looking for Cheltenham property management, concentrate your search on companies that specialise in this area. Searching for a Cheltenham Property Management company online might throw up some firms in the surrounding areas, so ensure you focus on the most relevant.
Ask the right questions
Once you have found a firm that appears to tick all your boxes, get in touch and ask a representative some questions about company practice. You might want to ask about the following:
– Collecting rent.
– Dealing with arrears.
– Screening tenants.
– Inspecting property.
– Maintaining property.
– Attracting new tenants.
The RICS website has some impartial advice on choosing a property management firm, including best practice guidelines for such companies.
While you might get lucky and find your ideal company right away, you still need something to compare it to before making your final decision. Research and speak to at least three companies and compare fees, services and reputation before committing.