Today we are talking about how to interview and choose a professional property management company. When you have rental property and you need a property manager, there’s a lot more than just price involved. Your property is a huge investment, and you want to make sure it’s being managed by a professional with your interests in mind.
The most important thing to look for is licensing and credentials. Whichever property management company you choose, make sure that company is a licensed real estate company. That license means the business is governed by the North Carolina Real Estate Commission. It assures you that the company will follow the letter of the law, and you’ll find the property managers there are a lot more professional than what you might find at an unlicensed company.
A good property management company will also have access to the Multiple Listing Service (MLS). When you list a home for sale, it goes on the MLS so other agents can see it and show your property to clients. We do the same thing with the properties we have for rent. We list them on the MLS and other agents and property managers can show potential renters your home. We get about 70 percent of our leases from the MLS alone. It’s a big point of exposure and that’s why it’s important your property management company has access to it.
Always deal with a property management company that’s fully insured. Your property manager should have worker’s compensation insurance, Errors & Omissions coverage and general liability insurance. Don’t make the mistake of working with a company that is not fully covered, because it puts you at risk. If your property manager messes something up and a tenant sues them, you will be included in the lawsuit because you are the property owner. You want that insurance in place so you’re protected.
Finally, use a property management company that makes it very easy for tenants to pay rent. It should also be easy for the company to pay you. At Charlotte Homes and Rentals, we take cash, check, ACH deposits and credit card from tenants. We make it simple to pay rent and we offer several options. In return, we make paying our owners simple. We pay by check or direct deposit every month. With that payment, we provide a ledger statement too. Make sure you get a statement every month.
If you have any questions about property management, or you’d like to know more about how to choose a property manager, please contact us at Charlotte Homes and Rentals.