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In the United States, renting is so common that 36% of families are renters.
If you own property and want to make money off of it, renting it out is a great idea. If you don’t have any experience or if you’re limited on the amount of time you can spend, a property management company can help. These companies are experts in handling the ins and outs of the renting process.
Before you decide which property management company to pick, here are a few questions you should ask.
1. Do They Have Experience
A critical part of operating a property management company is experience in the field. Knowing how to keep tenants happy and paying on time is essential. Property management is also dependent on the area, so make sure they have specific experience in your area.
This is why if you’re in the Fort Worth, TX area, you only want to deal with property management companies that have experience in Texas.
2. What Services are Provided
In the realm of real estate and property management, there are a lot of services. These range from eviction services, to various management duties. You want to make sure that the management company you’re working with covers as many of these services as possible.
Tenant screening, marketing, inspections, and maintenance, all of these are essential to running a successful business. A great management company will be able to take care of every aspect of the renting while ensuring that your property stays compliant with all applicable laws.
3. Good Reporting Practices
Your rental property is supposed to make you money. You need to know how much you’re making, and where the money is going. A reputable property management company will keep you involved and give you regular reports.
Ask a company how often they will communicate with you, and how they will do it. You want a company that has stepped into the modern era and can do electronic updates and reports. This will help you stay fully aware of what is happening with your property.
4. Rate Structure
It is imperative that you find a company that doesn’t just charge you regardless of their success. If a property is empty you aren’t making any money, and neither should they. A mark of a good company is that they aren’t getting paid unless you are.
Ask about how they bill for their services and what is included. You’ll need to know so that you can budget your money. You’ll also want to know what you’re getting for your money, which is why asking for an explanation is never out of line or order.
The Right Property Management Company
A great property management company will take the stress out of the entire process. They will cover everything from finding tenants to background checks and helping the tenant move in. If you’re in the Ft. Worth, TX area and need a high-quality property management company that meets all of these criteria, contact us.
