If you’re serious about building your wealth and maximizing your passive income, you’ve likely looked into commercial real estate investing. Owning real estate is one of the most secure investments you can make, especially in today’s economy.
However, that doesn’t mean you have the time or ability to manage the properties you own. Fortunately, this doesn’t mean you should forego real estate investing altogether. It just means you need to find a reliable property management company to help you take care of your investment.
If you’re looking for investment properties in Memphis but aren’t sure if you can manage them independently, we can help. But first, what should you look for in a property management team?
Keep reading to find out.
Consider Reviews and Referrals From Other Property Owners
One of the most important things you can do while searching for property management services is finding out what their clients have to say about them. Perform a Google search to find the top property management teams in your area and follow the link to their website to learn more about each company.
While on the website, look for customer reviews from other property owners. A property management company that prides itself on customer satisfaction will gladly post its customer reviews on its website.
Alternatively, if you know other property owners, find out if they use a property management agency to help them take care of the property, their tenants, and more. Whether you’re looking at reviews or asking for referrals, answer the following questions:
- Do most of their clients seem happy with the property management services?
- Are there any recurring complaints?
- Does the company seem to offer fair pricing for the types of services they provide?
- Do their clients recommend the property management company to other owners?
In most cases, you should be able to learn a lot from a company’s reviews.
Ask About Property Management Experience
Next, find out how long the property management company has been in business. There’s nothing wrong with hiring a new, aspiring company. However, you will probably feel more comfortable working with a team that’s been in the industry for a while.
For example, Reedy and Company have more than 40 years of experience serving property owners like you. As a result, we have the experience and expertise required to ensure your complete satisfaction.
Ask What Types of Properties They Manage
When trying to find a property manager, it’s vital to ensure they can handle the type of property you own. For example, most property management companies are qualified to manage single-family homes. But what if you have multi-family properties with dozens of renters and tenants?
Are they equipped to perform the duties you require? Do they have enough staffing to handle dozens of rental units, tenant complaints, repairs, and any other issues that come up?
Find Out What Services Are Included
This leads us to our next point. Before hiring a property management company, ask what services are included in their fees.
For example, will they help you find renters and deal with emergency maintenance issues? What about collecting payments from your tenants and renters?
At Reedy and Company, we are proud to offer a wide variety of property management services. These include:
- An in-house collections team
- Single and multi-family property inventory management
- High-quality, dependable communication
- A well-trained leasing team
- An accounting team
- A sales and acquisition team
- And more
Our mission is to provide every service you might need for your property. If you’re trusting us with your investment, you won’t have to worry about the day-to-day minutia. That’s what we’re here for.
Ask About Client Satisfaction Guarantees
Next, determine what lengths the property management company is willing to go through to ensure your satisfaction. Do they include a client satisfaction guarantee in their contract? What’s covered under that guarantee?
For example, what happens if the property management team fails to complete their promised services? What happens if you’re unhappy with their performance? Are you bound to a long contract, or is there a clause that allows you to cancel your services?
When hiring a property management company, you must verify the company’s legitimacy. For example, aside from having a state-appointed business license, what other property management credentials do they possess?
At Reedy and Company, we take our professionalism and accreditation seriously and have achieved one of the highest property management licenses, the NARPM. The National Association of Residential Property Managers is the leading certification board in the industry. It enforces professional, educated, and ethical property management.
Consider Pricing and Fees
Finally, as a prudent investor, you must consider your costs. When you invest in a property with the intent of increasing your wealth and building your passive income stream, you’re investing in your future. Therefore, you need to consider the cost of the property management company you hire.
However, don’t simply settle for the cheapest property management team you can find. While this option might save you money upfront, it can have negative consequences.
For example, if your tenants don’t feel cared for, you can’t expect them to stick around. A property without renters is a money pit. As such, find an affordable property management company that’s also highly qualified.
While assessing the costs of their services, consider everything else listed in this article to avoid hiring a company that isn’t up to snuff.
Looking for a Reliable Property Management Company?
If you’re considering investing in a residential rental property or already have one, you might need help managing the building, the tenants, and rent collections. And that’s okay. There’s nothing wrong with sitting back and enjoying the passive revenue, especially if you have several properties.
We can help. Our property management company handles both single-family and multi-family units with a wide range of all-inclusive services.
We would love to work with you to maximize the earning potential of your properties by ensuring your tenants are always taken care of. Contact us today to learn more about our property management team.