As we move into the second quarter of 2022, many unknowns exist in the property management industry. Most investors are nervous about the market and how long it will take to recover from the pandemic and the recent geopolitical events. That’s why it’s essential to work with the best property management company for your investment.

But with over 291,978 property management companies in the U.S., how can you be sure to pick the right one? Below are some tips for finding the best property management company for your needs.

Ask Your Friends and Loved Ones for Recommendations

If you’re looking for a reputable property management company, the best place to start is by asking for recommendations from other real estate investors around you.

Chances are, someone you know has had experience working with a property management company and can give you first-hand insight into what it’s like.

Once you have a few recommendations, your next step is to research each company to see if they’re a good fit for you. Check their websites and social media pages to see what kind of presence they have online.

Property management companies active online with a solid social media presence are typically more responsive to their clients and tenants. This is important because you want a property manager who will be responsive to your needs and the needs of your tenants.

Check Their Level of Experience Managing Properties

Before working with a property management service, ensure they have ample experience working with other properties similar to yours.

For example, if you own a large commercial property, you’ll want to make sure the company has experience managing other commercial spaces. The last thing you want is your property manager to be inexperienced and over their head.

Working with an inexperienced property manager will likely cost you more money in the long run, so be sure to do your research ahead of time!

License and Insurance

Before hiring them, one of the essential questions to ask a property manager is, “Are you licensed and insured?” Asking for proof of license and insurance will protect you in case something goes wrong while they are managing your property.

For example, if one of your tenants gets injured on the property, you could be held legally liable if your property manager does not have insurance. This means you will be responsible for any medical bills and legal fees associated with the accident.

The last thing you want is to be stuck with a massive bill because your property manager wasn’t adequately insured. So don’t take any chances—always make sure your property manager is licensed and insured before hiring them.

Read Online Reviews and Testimonials

Reading online reviews and testimonials will give you a good idea of what other people have experienced with different companies. It will also help you narrow down your options.

However, keep in mind is that not all reviews are 100% accurate. Some people might be more likely to leave a review if they had a negative experience, while others may only take the time to leave a review if they had an exceptional experience. With that in mind, try to read through a few different reviews to get a well-rounded idea of what the company is really like.

You should also check the Better Business Bureaus website. This website keeps track of customer complaints and how the company responds to them.

If you are still unsure, you can always ask the property management company for references. They should be able to put you in touch with some of their previous clients so that you can get a first-hand account of what it is like to work with them.

Visit Their Properties

The best way to determine if a property manager is right for you is to visit some of their properties. This will give you a first-hand look at the condition of the properties and how well they are being maintained.

While you’re there, be sure to talk to some of the tenants and get their feedback on the property manager and the overall service they provide. Some questions to ask the tenants include:

  • Are you happy with the property manager?
  • Do they respond quickly to maintenance requests?
  • Are the properties well-maintained?
  • Would you recommend other tenants to live here?

Getting feedback from current tenants will give you a good idea of what it’s like to work with the property manager. This can be invaluable information that will help you make an informed decision.

The Fees Structure

Before working with any property management company, ensure you ask for a detailed breakdown of all the fees involved, so there are no surprises down the road.

Also, make sure you understand exactly what services are included in those fees. A good property management company should be upfront and honest about its fees and what is included.

For instance, some companies might charge a higher monthly fee but include more services than others with a lower monthly fee. When you’re looking at different companies, ensure you compare apples to apples so you can make the best decision for your investment property.

The bottom line is that you want to be sure you’re getting the best possible value for your money. Do your research, ask around, and get a feel for what different companies offer before making your final decision. With so many options out there, you’re sure to find the perfect fit for your needs.

Take Time to Read and Understand the Management Agreement Terms

Management agreement terms are essential for both the property owner and the management company.

The terms will spell out important details such as what services are to be performed and how much notice is required before terminating the agreement. Before signing on the dotted line, read and understand these terms.

Work With the Best Property Management Company Today

Choosing the best property management company for you is a big decision. However, if you take the time to do your research and ask around, you’ll find the perfect fit for your needs. With so many options, don’t settle for anything less than the best!

At Memphis Investment Properties, we understand the importance of finding the right property management company. We offer a wide range of services to fit your needs and budget. Contact us today to learn more about what we can do for you.