Management companies specialize in represent rental properties whether investors or individual homeowners own them. They will usually find you quality tenants, collect the rent and provide maintenance for the property.
When selecting a management company you need to follow seven steps:
- Look up and investigate the management companies in your area. Become familiar with them and their services.
- Look through the newspaper ads for local rentals.
- If you find a management company that interests you find out what kinds of properties they represent and the opinions of the current renters.
- Call the management companies you are interested in and discuss what you are looking for. If possible, schedule appointments to view some of their other properties.
- When you view, the other rentals look them over carefully and assess any damage to the property.
- Before turning over your property to the management company sign and date a walk-through checklist with a detailed description of the condition of the property. If there is any doubt as to the condition then take pictures. Then discuss guidelines for general and emergency maintenance.
- Make sure everything in the agreement is put in writing. Such as the repairs and terms of the lean. Include what you expect from the management company. This way the company knows what their obligations are.
