Finding a good property management company can be a difficult task for any property owner with residential living spaces on their property. It is not the easiest task to handle, as any property owner who has done so will tell you, and the prices of these companies seldom come cheap, often to the tune of 5 to 15 percent of all profits earned from tenants on the managed property. Still, property owners are able and quite willing to hire these professional contractors for some reasons, ranging from living too far away to having too many residential properties to manage effectively on their own. For these property owners, a property management company is an attractive option.
But finding one of these companies is seldom the easiest task. They do not advertise very widely as their services are quite specialized, with a small niche market (such as focusing in on something specific to, say, the Mesa location) and a focused set of services. Still, it is more than possible to find one of these companies if one is willing to look.
Naturally, one’s network of contacts, friends and associates is perhaps the best place to begin looking for a skilled property management firm. Your colleagues in the business of renting residential properties are a great place to start, as even the ones who do not hire property managers themselves likely have other friends in the business who can strongly recommend a company to you. Additionally, if you know any real estate agents in your network, it is likely that they may also know a good company for you to hire. If your area has an apartment association or similar organization dedicated to rental properties, consulting some of their numbers is a fabulous idea for finding a good property manager, as these organizations live and die by their contacts, which quite often include local property management firms.
Ascent Real Estate suggests, “If your network turns up nothing, an internet search is likely a good backup option. However, again, few of these companies advertise very widely, making a typical search engine a dubious proposition for finding one of these professionals. However, help is available to property owners in the know.”
The Institute of Real Estate Management also knows as IREM has a website where they post many things of interest to real estate owners and managers. In particular a number of resources free for anyone to use, such as the latest happenings in the real estate market to information about credentials to work in the real estate industry. They also include an online marketplace where real estate related companies can advertise their services among a group of people who will likely need them. Among these services are property management services; clicking on “Find a Professional” on their website, www.irem.org, will lead to a wide variety of real estate professionals capable of helping you with your property.
Another online option is NARPM, short for National Association of Residential Property Managers. NARPM’s website, narpm.org containers some listing for property managers across the United States. It is more than likely that their listing container property managers in your area, and if there are multiple such companies in your area, NARPM will contain information that will help you decide which one to use.
When you have found a likely prospect to hire, you’ll want to interview each of these companies and ask every question relevant to your property interests that you can think of. Finding a knowledgeable property manager is important for property management going smoothly and a property manager who can’t answer your questions regarding the situation with your particular property may not be the best one for you to hire.