If you are like most of us, you probably have far more to do in a day than you can ever get done. I keep running TO-DO lists that seem to get more TO-DO’s added than Done’s crossed off! That was what first had me looking into Property Management Companies. I was worried about a myriad of various issues around renting my property, such as: evictions, monthly bookkeeping, reserves, vacancies, yard work, advertising, visits, repairs, and the rules of section 8. I knew I couldn’t take care of all these things as well as work my full time job and raise my family. Would the company I hired be close enough to check on my property on a regular basis?
After doing my research I found out why it is so important to have a local property manager; there isn’t just one reason, there are several reasons why having a local manager for my real estate services was important. First off, a local property manager would be fluent in local and state laws, so I would easily be able to ensure compliance. A close by agent would be able to sooner see to repairs and save me unnecessary cost by being able to visually inspect the damage and have the right person to fix the problem the first time. Most important to me, was that a local agent would be driving past my property on a regular basis, being able to see quickly if an issue had arisen and to make scheduled inspections of my property.
Another advantage I have found to smaller companies, though you will want to verify through an in person interview, is that in general the individual property managers are responsible for managing few properties in general than the big national chain property managers. The reason this makes a difference is because that means that the local property managers have more time to give you in depth, customized service, tailored to your exact needs. Giving them the time to treat you as a valuable individual and not another number sign. Also, by working in a smaller area they tend to be extremely knowledgeable about fair rental rates which helps you minimize vacancies and maximize profit.
Overall, you have to choose the property management company that best meets your needs. Luckily there are a lot of valuable resources for finding a Property Management Company near you. Such as America Top 10, through search engines, or other sites that review local businesses. It helps to choose an option that does some preliminary research for you, that way it takes just one more thing off of your plate.