Residential Property Management

What to look for when selecting an ethical Property Management company:

When selecting any property management company, to safeguard your property, you should select a company that:

1. Shows you their business license before being asked, typically by displaying it in their office.

2. Shows you a copy of their certificate of insurance.

3. Shows you copies of the certificates of insurance of all people that will be working at or in your home.

4. An ethical property management company will put in writing how often the property will be inspected. Quarterly inspections are the norm for the industry.

5. A good ethical company will have an “out clause” in the contract if you are not satisfied. You should not have to ask for one.

6. An ethical company will have safeguards and procedures in place to protect the keys to your property. You should not have to ask and this test will determine the quality and attention to detail of the company that you are selecting.

7. Verify and actually call references.

8. Determine if the management company has their own maintenance staff or uses all sub-contractors. As a general rule it is wise to select a company that has their own insured staff, for your tenant’s safety as well as timely repairs.

9. Find out how long their employees have been working with the company, high turnover is never a good sign.

10. If there is an emergency, is there an answering machine or a live person to talk with? Test this before signing a contract.

11. Ask how they handle problems, maintenance requests and complaints.

12. Get everything in writing, make sure what is in the contract is actually what is going to be done.

13. Never be pressured into making a decision today.

The important thing to understand about a property management company is to make sure that you are comfortable with the business you select. They are protecting a very large asset and please take the time to do the research, and do not trust what you are being told. Make the company prove it to you.

What to avoid when selecting a business in this industry:

1. A company that does not show you their business license. There are many companies that act like real businesses, but in reality they are not operating legally. Why reward them?

2. A business that does not show you their insurance and the insurance of people working on your property. If someone is injured on the job and is not insured the homeowner may be liable. Why take that chance?

3. Companies that play price games. Many companies will high ball what rents you can expect before signing the agreement, enticing you to do business with them. Please be realistic about the rent for your home.

4. Companies that have answering machines as their emergency number. If the machine is not checked until morning it could be too late. Why take the risk?

5. A long track record is very important in this industry. Please take the time to check the references.

6. It is important that your keys are protected for the safety of your tenants as well as liability issues. Why take the risk?

7. You get what you pay for. If you want qualified and insured professionals protecting your property, you may need to pay a little more, but in most cases it is money well spent.

8. Companies that make guarantees that appear too good to be true.