If you’re a homeowner looking to make a little extra money, there are several options that may be available to you in real estate. For example, with some hard work and a little investment, you can add to your income by adding rental units to your property. Before you start adding walls and looking for tenants, however, you need to make sure you understand the rules and regulations that are involved in landlord/tenant relations.
One of the most important parts of the landlord tenant relationship is that of the property management company. Property management companies provide a voice for both the landlord and the tenant. More importantly for landlords, property management companies are responsible for the day to day operations, removing much of the stress from the landlord. With the real estate boom now bust because of the subprime mortgage crisis, the rental business has begun to expand very quickly.
History of a Firm. So that you can ascertain the firm’s quality of service which it will provide you with, you should consider this helpful criterion. Learn as much as you are able to concerning the background of this firm, their credibility, reputation, as well as how long they have been in business.
Don’t be afraid to ask questions or request an interview. This is a big decision, so you’ll want to have as complete and thorough a picture of the company as you can get, which means going to the company and requesting the information. Be sure to ask what services they provide, what type of properties they may have managed in the past and what properties they are currently managing. During the interview, you’ll be looking for information that will provide you with an idea of how much management experience they have in properties that are similar to yours as well as a sense of how honest they are.
Quality Customer Service. In your first appointment with the firm, or even your first phone call, you should be able to ascertain this. As you would be engaging with them on a routine basis if you go with their outfit, make sure that you observe this closely. You should also think about their rapport building with you, their speed in getting back with you on your various queries, and their capability of communicating.
How much do they charge. Many management companies have a variety of service packages that have different rates so you’ll need to review the information about each package. You’ll want to find the deal that provides you with the services you need for the best price.
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