Real estate is one of the best investments you can make, but not everyone wants to be a landlord. As your real estate portfolio grows, so will your responsibilities. Therefore, you may seek property management services Casselberry FL. Choosing the right property manager will ensure your investments are protect into the future.
Friends, family members, peers, business associates and even legal and real estate professionals can be valuable resources for property management referrals. However, be sure to verify the company’s record through online reviews and testimonials, Better Business Bureau rating and outstanding claims, and the local chamber of commerce. In addition, verify their insurance and business licensing.
Whether you go into the office or contact the property managers on the phone, you should ask a few key questions. For example, ask about their accreditations, such as those given by the National Association of Realtors or Institute of Real Estate Management. Find out what types of properties they manage and services they provide. These companies should be insured, so ask what their insurance covers and verify their policy. Fees and monthly reporting should also be discussed and agreed upon. Staff turnover can have a significant impact on the property managers’ efficiency and attention to detail.
You should also discuss their processes, such as advertisement and signage, and their record, such as current number and average length of vacancies.
What was your first impression of the company and person you spoke with? Did they have time to speak with you, and were they focused on you or multitasking and what type of staff do they have to back them up?
Review the lease agreements they will secure with your tenants. Do they protect your property? Will the deposit cover any damages? Discuss lease terms, including rent amount and lease length. Research these terms in the area to determine if they are comparable. Discuss late rent and tenant responsibilities.
Although you may easily find a property manager, finding a high-quality property manager may be challenging. Spend time doing your research to protect your property and investment income.