Research shows that rentals have increased by at least 5% in 31 of 48 states over the last year. This makes buying a rental property an attractive option for astute investors.
Yet, managing a rental property is often a stressful and time-consuming endeavor. Hiring a property manager is the only way to truly enjoy passive income from these investments.
Here's how to pick property management services to help you make the most of your investment property.
Work With a Reputable Property Manager
Regardless of the service you need, it's always best to work with an established, licensed, and insured business. In Portland, property managers must pass a licensing exam or have a broker's license.
You should also consider asking for referrals from friends and family, as well as reading online reviews and ratings when you start your search for a property manager.
When you've narrowed down your search this way, ask to meet with a representative of each property management service. This interview allows you to gauge whether they're a good fit for you and clear up any questions you may have.
Ask about the property management technologies they use. The best property managers offer online portals for owners and renters to help streamline everything to do with your investment property.
Be sure to ask for referrals during this interaction. Talking to their existing clients can reveal much about a company's service levels and reliability.
Pick Property Management Services with Experience
Licenses and qualifications are an outstanding start, but property management experience is what makes the magic happen for property investors.
The more experience a property manager has, the better service you'll get. Experienced managers know how to:
- Market properties effectively
- Attract the right tenants
- Keep your property occupied
- Anticipate maintenance issues
- Save you money
As a property manager, it's vital to know the prevailing fair housing laws inside out to avoid costly legal issues. These professionals are also adept at dealing with customer queries and difficult tenants.
Consider the Services You Need
When comparing property management costs, it's important to pay attention to what's included in the fee. As a landlord, you'll need a property manager that can handle the following:
- Compiling a rental analysis
- Marketing your property
- Managing tenant applications
- Screening tenants
- Preparing rental agreements
- Completing property condition reports
- Collecting rent
- Managing repairs and maintenance
- Property inspections
If you need alternative services, look for a property management company that offers flexible and scalable property management service options.
Maximize Your Investment Properties
The sooner you sign up with an expert property manager, the sooner you will start earning a reliable passive income from your rental properties.
For starters, you'll enjoy fewer hassles, ensure your tenants are happy, and avoid the awkwardness of collecting rent yourself.
What's more, when you hire a local property manager, you can spread your investment portfolio across the hottest rental markets, regardless of where you live.
Now that you know how to pick property management services, we'd love to help you make the search easier. Get in touch today to discuss your property management needs.