Anyone who rents out Condos in the Washington area might want to consider looking into condominium management, especially if they live somewhere other than where the condominium is located. There are many pros and cons to hiring a property manager, but for the most part you can benefit from better marketing, easier rental management, tenant screening, and even handling your paperwork, but if you’ve come this far, you are already considering hiring a manager. The following tips are for choosing the right condominium management company for your needs.
Choose a Company with Qualifications According to Your Needs
The first thing you should do is check your local area for any and all condominium management companies that actually have the qualifications you need. If you need a property manager with a real estate license, you can easily cross all other options off of the list simply because they do not qualify. On the same note, if you need a company that offers rent management, background checks, and advertising, you wouldn’t want to hire a company that does not offer these things. Look at the specific qualifications for each company.
Look for Similar Company Values
Are you economically friendly? Do you like to make sure your tenants are always happy? No matter what your personal beliefs, you should look for a company with similar values. Even if your values are simply to work hard, make a profit, and go home knowing you did the best you could, you should try to find someone that you can relate to. Chances are you will be working with the same property management company for quite some time, so it’s a good idea to choose one that suits you personally. A good way to get an idea of the company is to read their website, and then maybe go in for a consultation in person or on the phone.
When you check services you not only want to look for the services you need, but also their competence. Most condo management companies will offer maintenance, background checks, inspections, and etc. but a truly competent one will offer these services for free. One major thing to watch out for is inspections, some companies do charge, but any good one should offer an inspection for free. What else? Look out for monthly reports! While you might have to ask for them, you should always be able to get at least a bi-weekly or monthly report on your investments along with your check for the rent.
Choose a Condo Management Company
Finally, you have to choose a condominium management company based on all of the factors above. A few common features to look for include:
• Good Services
• Friendly Representatives
• Qualifications such as a real estate license or law degree
• Management experience
• Company values
• Value of services
If the one company on your list offers all of these features, they are definitely a good choice for managing your condominiums. Property managers can market, lease or rent out, run background checks, maintain, repair, pick up rent, handle tenant disputes, and even handle paperwork for your property so that you can run your investments more efficiently while utilizing less of your time.