A rental property management partner can be a major benefit for busy landlords, saving you time and effort. How should you choose who to do business with? The answer depends on your needs and your long-term goals.
Smart Ways to Find Good Rental Property Management
Contact Your Local Building or Apartment Association
Associations that specialize in different areas of the rental property management business exist throughout the country. As an owner you may even be a member of one, such as the
National Association of Residential Property Managers (NARPM).
You can take advantage of your membership by reaching out to your local administrator to find property managers with area expertise who'd be willing to interview with you. Members tend to be people who've spent the time and paid the dues to acquire skills you need in a rental property management partner.
Use a Custom Database
Googling for property managers in your area might get you a lead or two, but even then you'll likely have to vet candidates personally to learn if they're qualified to serve your type of property. A manager experienced with handling long-term tenants in a residential house subdivision may lack the temperament and negotiating skills to handle a rental in a student area with high turnover, for example. Custom search engines can help you zero in on the most qualified property management companies for your needs.
Buildium's All Property Management database offers a good example. The engine filters potential candidates in two ways. First, by type of property and then by the size or value of the property in question. You'll still have to vet candidates the engine identifies, but at least you'll know they've got the experience you're looking for before starting your interview.
Ask your Software Provider
If you own more than one property, it's a good idea to manage your portfolio with rental property management software from the likes of Buildium, AppFolio, and TenantCloud, among others. Some software providers can connect you with customers at property management companies in your area. One or more could make for an ideal partner—especially if you plan to use the software to manage maintenance requests, occupancy, and key documents to which both you and your designated landlord need regular access.
Plug Into an Online Community
Sometimes you don't live close to the property you own. Internet communities can connect you with peers local to your rental homes who've dealt with one or more of the property management companies you're thinking of hiring. A simple option if you're on LinkedIn is
Pete Asmus' Real Estate Networking Group, which boasts over 570,000 members as of this writing.
Pro Tip: Research the Individual Manager, Not Just the Company
Like any other business, property management companies are composed of people of varying experience and qualifications, and you'll get one of them assigned as your representative. Vet your representative individually, even if the firm vouches for them. Do some homework to find out who they are first, starting with a LinkedIn search. Do they have certifications? How long have they been managing property, and with what firms? A little due diligence goes a long way in ensuring your fees for rental property management are well spent.
Looking for other ways to protect your rental property investment? Steady's rent default insurance covers up to six months of lost rent payments from tenants each year.