How to Hire a Property Management Company
When looking to hire an established property management company, it will quickly become clear that there is a dizzying amount of businesses to pick from. This can make it difficult to arrive at a logical decision. These companies will say that they offer the most efficient service and reasonable pricing, but how do you choose when all of them are promising the exact same thing?
The list below will enable you to choose the best property management company.
1. Client Referrals. By talking to realtors and property managers in your city or town, you’ll be able to discover which property management companies they have utilized in the past, and who they would recommend. Ask them directly which companies they prefer and what their experiences were with them. Who did an excellent job? Who was found wanting? Just keep in mind that referrals can sometimes be biased. This just means that it is prudent to get them from more than one source.
2. Online Research. Conducting an online search for a property management company that matches your needs is an easy way to get more information. Some websites will even allow you to enter the size of your property, and your desired location and they will then produce a list of property management companies in your area.
3. Current Ads. Have a look at some of the potential property management companies’ latest rental ads. Are they professionally written, well thought out and visually pleasing? Do they advertise in a range of places, or are their ads limited to free sites such as Kijiji? The way that a company advertises will tell you a great deal about how they operate their business.
4. Check Licenses. Most provinces in Canada require that a property management company possess a real estate broker’s license or property management license to do business. You will also want to find out if the company or manager has been certified by any outside entities. Some organizations will give a certification completing their training program. If the property management company is willing to spend the time and money to put their employees through continuing education courses, it will tell you that they are dedicated to offering you the best service.
5. Management Agreement. A management agreement should plainly define the role of the property management company and that of the property owner. The terms must be the same as what was discussed in the preliminary interview. Pay close attention to all the details, most notably the sections on services provided, like extra fees charged, compliance with laws, reasons for cancellation and responsibilities of the owner.