As a real estate investor and property owner you’ve probably come across scenarios where it is difficult or impossible to manage your own properties. No matter how much you might hope to keep an eye on your investment, some circumstances just preclude that option. In those cases you need to hire a high-quality property management company to keep track of your property.

Unfortunately, not all property management companies are created equal. There are more stories than we care to admit about property management gone wrong. You don’t have to get swindled, though. You can make smart moves now to find a great property management company that will do a great job at a great value. Here’s how:

Word of Mouth. There is no source of information you can trust more than other property owners in cases like this. Talk to other realtors and friends you have in the business. Find out which companies have reputations for being the best and which ones are known for being the worst.

Communication Style. Communication is absolutely the most important thing when it comes to your management company. You need a company who will communicate with you frequently and will be easy to reach when you have questions or an emergency arises. Find out their methods of communication and test them all out to make sure it works for you. If it doesn’t, walk away.

Monthly Statements. Similar to communication, you need a company that will be absolutely transparent with money. They need to be prepared to provide you with monthly statements, receipts for billed repairs, and other financial documentation. This is another make-it-or-break-it issue.

Evictions, Section 8, Vacancies, and Other Special Circumstances. With rental properties there are a lot of evictions and other special circumstances that your property management company needs to have experience in handling. Find out what their policies are and what they are going to charge you for those services. Some property owners report that their property management company charges them extra for vacant properties. You need to know if something like that is going to happen to you.

Maintenance Crews. Another important question to ask is whether or not the property management company has their own maintenance crews or if they hire out to contractors. Find out how much each option costs and how they screen the contractors and individuals they hire.

Keep your wits about you and be thorough and you will end up with a great property management company.

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