Top Things to Consider Before Choosing a Property Management Company

Owning, managing, and renting out properties is not as easy as it seems. You need to regularly inspect the property, carry out maintenance work, collect rent, and even manage emergencies when needed. 

Sounds like a lot of work, right? If you have more than one property, it would be a great idea to enlist the services of a property management company to oversee your residential, commercial, or industrial rentals. 

When you hire a project management company, they take the load off your back and act as a third-party contractor to handle the maintenance and upkeep of the rental properties. 

Landlords and real estate investors hire a property manager for a fee to manage all aspects of the rental property, including signing rental leases, collecting rent, and maintaining the property free from repairs. 

Any landlord or investor who doesn’t want the hassle of managing property-related tasks will benefit from the services of property management for rentals. 

Let us look at the various ways in which you, as a property owner, can benefit from hiring a property manager. 

Benefits of Hiring a Property Manager

The more properties you own, the less you would like to manage them. When you enlist the services of a property manager, you are free from a lot of trouble, such as: 

• Finding Tenants 

As a property owner finding a tenant to lease your property to is a crucial thing to consider. Property managers market your property, screen your tenants, and find subsequent tenants when your property is vacant. They are also responsible for collecting the rent on time. You can be assured of the best tenants and a reduction in the vacancy periods. 

A property manager also ensures tenant satisfaction, thus providing a stable rental income and reducing tenant turnover. 

• Maintenance and Repairs

Property managers are always on their toes to carry out preventive and routine maintenance, thus preventing small issues from snowballing into larger repairs. 

• Legal Liabilities

As a property owner, you might not be aware of local, state, and federal property rental laws and might not concur with them, leading to legal issues. A property manager will have a clear knowledge of the legal compliance regulations and will ensure no such violation occurs. 

Let us explore the factors you need to consider when finding the best property management company. 

What to Look for in a Property Management Company? 

You have invested in real estate to earn quick bucks. But do you know that if your property is not appropriately managed, earning profits is not easy? Property managers or a property management company are crucial in determining your success in real estate. 

Be mindful of the following factors when you hire a property manager: 

1. Professional License: This is not always a requirement in many states. However, hiring a property manager who is adequately licensed and affiliated with organizations such as the National Association of Residential Property Managers (NARPM) is always advisable. 
2. Certifications: Check out if the property manager holds any certifications. 

• Residential Management Professional- when they have the basic training in project management.
• Master Property Manager, which shows that they are more experienced.
• Certified Residential Management Company denotes that the company is highly professional.

   3. When you hire a project management company, make sure that they offer comprehensive rental-related services. 

   4. Hire a property manager with a minimum of four years of experience in the business. It would be better if they had a proven record to show as evidence of           their services. Also, make sure they have the experience specific to your property type and number of units. 

   5. Reputation and Reviews: Before hiring a project management company, check its reputation. The company should have a B rating on the Better Business           Bureau (BBB) website. 

Check out the company reviews on various online review sites. 

  6. Hire the property manager if they have been adequately insured under the following clauses: 

• General Liability
• Property-casualty
• Errors and omissions 

1. Policies and Systems: Hire a project management company that aligns with your morals and values. Understand how they operate daily, giving you a fair idea of their policies. 
2. Dedicated Customer Services: Your tenants might need answers to many queries and issues after renting your property. The property manager should be able to handle their queries consistently. 
3. Credible Contracts: Before you hire a project management company, draw a contract that lists the nature of the business relationship between you and the company. The contract should also include all the services the project management company is responsible for and the charges for. 

Work With Us

Are you looking to hire a project management company with the appropriate licenses and experience in taking care of your properties in the Minneapolis and St. Paul metro area? Enlist the services of an industry leader in property management that follows a hands-on approach - Guardian Property Management. 

The company, founded in 1999, currently provides property management for rentals of over 1100 properties and deals with over 250 property owners. They provide comprehensive property management services for residential, commercial, and mixed-use properties. 

So, if you are looking for a reliable property management company, contact Guardian Property Management at 651-287-2011 or email us at info@guardianprop.com.