There are over 299,000 rental property management companies in America as of 2022, an increase of 3.5 percent from 2021. About 54% of landlords have hired a rental property management company.
As a real estate investor with many properties, you could be playing the role of a landlord managing your properties and daily activities. It can get overwhelming when you add more properties to your portfolio and expand your to-do list.
You can think about hiring a property management company. This will take some of the day-to-day landlord duties off your shoulders. But you might be wondering, "Where do I start?"
Here are a few tips to help you choose the best property management company.
Get Some Referrals
Ask your colleagues and friends if they have ever hired a Northern Virginia property management company. The best thing is that you get first-hand information on their service type.
You can inquire about the cost and their satisfaction with the level of service. Even if you've never rented out your properties, ask them for advice on how to succeed as a landlord.
Check Their Qualifications
If you have no friends who can make suggestions, do your own research. Find local companies and make a list of them all. You could want a person with unique experience and skill.
What if you want to rent out a property for low-income people? Or perhaps a business space rather than a residence? Ensure that the potential companies can meet your expectations as a landlord.
Experience
Find out the type of properties the firm manages and how long they have been managing each type. All your investment properties may be residential. In this case, you wouldn't want a company whose only management experience is in commercial properties.
Also, rental property managers must know all Northern Virginia landlord-tenant rules. They should know the current federal, state, and local legislation governing rental properties.
Reputation
What perceptions does the general public have of the company? You can find this information by reading internet reviews.
Angie's List, Better Business Bureau, Zillow, Google, and GlassDoor are good places to look for online reviews. Contact the property owners on the company's list as well.
Don't Go With the Cheapest Price
Although setting a budget is great, you shouldn't hire the company offering the lowest costs. You must consider the quality of service you will receive for the cost you will pay.
It would be best if you researched how each company's services differ from one another because not every company is the same.
Interview
It would be preferable to speak with one of their representatives in person. This will help to learn more about what they do.
Ask specific questions like how they market the properties or handle repairs and emergencies on the property.
Trust Your Instincts
A company could look great on paper, but it may not always be the ideal fit for you. In situations like this, go with your instinct.
Select the Virginia property management firm you feel comfortable working with.
Hire the Best Rental Property Management Company
Your rental properties are your livelihood, and letting somebody else manage them can make or break your investment. The above tips can help you choose the best rental property management company to safeguard your investment and grow it.
At HomeRiver Group, we have the experience you need. We have more than $2 billion in properties under management.
We take care of everything from maintenance, repairs, accounting, and rent collection. Our services also include vendor management and invoicing.
Contact us today to discuss your rental needs.
