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There are a lot of rental property owners who choose to manage their own properties, especially if they live within a short distance. They soon find out, like everyone else that has attempted to self-manage them, all the headaches and time consuming tasks that can come along with it. The always seems to be a leaking toilet or the air is not working when there is snow outside. The funny thing is they always seem to pop up at the worst of times. And don’t forget about the tenant that every week promises they will have the rent for you next Friday, at least in the Myrtle Beach property management business. There is always something more important that came up! If you want your free time back a good property manager is the solution. Here are just a key things to keep in mind while looking for one. Is your property a house, condo, apartment building, an HOA or a commercial space or building?  We can help you.  Having an efficiently managed property is important. Many time finding and choosing a management company for your rental property can seem difficult. To ensure you make the right decision the following tips will help.

A company that has knowledge on the local market is a great criteria to look for.  Hiring a management company that knows the local market means that your property manager knows what renters are looking for.  A good property management company will look at a property as if they were a renter to help increase rental rates, lower turnover rates, and decrease vacancy time.  The company should go through the property and advise you of smart and cost-conscious recommendations that will increase overall return while at the same time improving the property so that it becomes more desirable. A management company should always keep your property competitive in the rental market, if they are good.

Next, you will want to interview the property manager or property management company. You will want to know how they find tenants. Do they have a marketing program that goes beyond their website?  Find out how do they look after properties and respond to tenant’s maintenance requests.  You will also want to find out how do they track income and expenses? Find out if they are utilizing property management software?  Do they offer owner statements reflecting the property’s income and expenses?

It is always a good idea to find out how long they have been in business and how long they have managed properties in your area.  Someone who is new and just starting out may not have enough knowledge to handle situations that may arise. Are they a member of any Real Estate management organizations, possibly a certified property manager of have they received any specific training for property management.  It also never hurts to ask if they have references; consider asking for at least three. Make sure you find a manager who has experience with your property type. Looking for a company with a system in place is the key. As a rule of thumb it never hurts to ask for a copy of reports given to owners.  What you are looking for is a report quickly generated from some kind of property management software and not something someone has typed up by hand on the spot. Your red flag should go up.  That shows that they do not have proper rental bookkeeping methods in place. Remember they have got to have a system.  You even want someone who has a back-up for when he or she is on vacation or out of the office for any other reason.Look over a copy of the management agreement and make sure you understand the fees.  You want to make sure you understand the terms and conditions of the agreement and how often the agreement is renewable. If your not sure you may want to check with the Better Business Bureau or the Real Estate commission for any complaints.

Next you will want to find a management company that uses a can do credit and criminal checks, income verification and nationwide screening for previous eviction filings.  How will they collect the initial security deposit and where is the money kept?  What policies do they have for collecting rents and how regularly are rental payments made to the owner? See if they offer direct deposit or other options for your incoming payment?

When repairs do arise will they be handeling all the necessary repairs and are they qualified people? Can paying vendors be handled out of incoming rent payments? What about all the minimal repairs does the management company set up a reserve for that?? You want to make sure that they arrange with you for any repairs over a certain dollar amount.  Usually this is in the range of anything over two or three hundred dollars.

Do they conduct periodic property inspections and inventories if the properties are furnished? When a tenant gives a notice are you contacted immediately?  Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?

Be careful of a property manager that is charging the lowest fees, it does not mean they are a good manager. The ability to manage the property according to your requirements will differ and so it’s necessary to carry out a screening process.  We hope some of these tips help.

Written by By the Beach Properties your local Myrtle Beach Property Managers