Real estate typically increases in value, making it a strong investment. However, not everyone is interested in being a landlord. Hiring a property manager allows real estate investors to earn rental income without the hassle of managing the property themselves. Before you start searching for a local property management company, such as “rental management Tacoma WA,” consider the following tips.
Property management requires licenses, insurance and experience. Your friend, neighbor or family member may offer to manage your property, but these individuals may not be licensed and understand the amount of work and time that are required to provide good customer service, protect your property and stay within housing laws.
Instead, find a company with licensing and professional certifications. Ask about their experience and the number of homes they manage. Ask about their processes and for referrals.
Review the Contracts
Not only do you want to review the contract you will have with the property management company, but you also want to review their rental contracts. You should understand all the services they provide and the fees they charge for each. Learn about the duration and termination requirements of the property management contract. You also need to know your responsibilities as the property owner.
You should also understand how they communicate with your renters, what services they provide them and how the rental and eviction processes work.
Do Your Research
Always verify the information you are given. For example, verify the companies’ licenses and certifications, such as a Residential Management Professional or Master Property Manager, as well as their insurances. Verify their membership with industry organizations, such as The National Association of Residential Property Management.
Call their references, check online reviews and contact the local chamber of commerce and Better Business Bureau. You may also contact other real estate investors about their experiences with their property management companies.
If you are interested in real estate investment for rental income, consider hiring a property manager.