By J.P. Dahdah, Founder & CEO of Vantage
Are you tired of rushing to your multi-unit investment property to show vacant apartments? Sick of having to hunt down tenants just to collect their rent checks? Weary of 2 a.m. phone calls about broken pipes or heaters?
If so, it may be time to hire a professional property manager for your multi-unit real estate investment.
Excellent property management is crucial to producing consistent, profitable and hassle-free returns on your multi-unit real estate investments. Here’s what to look for in a quality property management company:
1. Experience. Be sure that you’re working with a company that has a long track record of experience and professionalism. They should have effective, established policies for marketing vacancies, showing units, screening prospective tenants, doing repairs, mitigating disagreements between tenants, initiating eviction as necessary and more.
2. Relevant References. Call their references, that is, other property owners who have had experience working with them. Call not only current clients, but past clients as well to get a sense of the good, the bad, and the ugly.
3. Check Their License and Certification. Most states require licensure of property managers, so make sure the candidates you’ve identified are current on their license. It’s always a bonus if they’re members of various trade organizations, including the Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Association of Residential Property Managers (NARPM), or the Community Associations Institute (CAI). Many of these organizations have rigorous certification standards, which bodes well for their credibility and professionalism. Also, you can check with the Better Business Bureau.
4. Make Sure You Get Along with Them. This is an “intangible,” but it’s important to ask yourself do you get along well with the staff? Are they responsive, proactive and professional? If anything feels “off” move on to the next possible candidate.
Quality property management can mean the difference between hands-off profits and headache-ridden hassles in your multi-family units. Make sure you choose a management company that can serve your needs well.
For more information on how you can discover your IRA investing alternatives, contact our team at (866) 459-4590 or ClientService@VantageIRAs.com.