Property management companies are a very important part of renting out a commercial or industrial space. A property management company is essentially the middleman in between tenants and landlords. They can handle direct contact with tenants, such as maintenance requests, evictions, and more day-to-day management tasks. However, with so many different companies out there, it can be tough to choose one. You want to make sure that you’re making the right decision and are choosing a company that will be worth your time and money. Here are a few tips to choose the best property management company for you and your tenants.
When Should You Consider a Property Management Company?
Property management companies aren’t for everyone. If you enjoy the day-to-day tasks involved with being a landlord, such as getting to know your tenants, performing maintenance, and building strong relationships, you may want to consider simply managing the property yourself rather than hiring a company to do it. However, if you have a lot of properties or don’t enjoy the day-to-day tasks of being a landlord, you might consider hiring a property management company to take some of the pressure off of you.
Finding Property Management Companies in the Area
There are likely plenty of property management companies around your area. A simple Google search will bring them up, but referrals from people you know are even better. Asking friends, industry contacts, and family members for recommendations might give you a better idea of which ones are reliable and which ones aren’t. Put together a list of about three companies that look good or come recommended by those you trust, and then start reaching out to them.
Make a List of What You Need
Creating a list may be helpful when you’re trying to narrow down companies to look into. Write down a few things you absolutely need from a property management company. For example, maybe you need a company that contracts with a really great HVAC company in the area so that maintenance is a breeze. Perhaps you’d prefer a company with an online portal so that tenants can pay their rent online. Whatever your must-haves are, it’s easiest to write them down and have them available when you start looking at companies.
Start Calling Companies
The next step is to contact the companies you’ve picked out. Call or email each company and explain that you are looking for a property management company. Be sure to detail the type of property you have, how many tenants there are, and the length of the leases you offer. Pay attention to the company’s responses when you ask questions. They should be able to provide specific information on their company’s values, how they handle vacancies, and how they screen tenants. Keep your list of must-haves handy and check off the requirements that the company meets or does not meet as you talk with them.
Always Read Before You Sign
“Read before you sign” is a common adage when making purchases or signing agreements, and signing up with a property management company is no exception to the rule. Be sure to read any documents you’re given thoroughly before you sign anything, and don’t be afraid to ask questions if you have them.
Looking For a Property Management Company?
Schwarz Properties specializes in commercial and residential property management in Virginia, South Carolina, and North Carolina. We lead the market for industrial and warehouse spaces for lease and our portfolio also includes retail space, restaurant space, residential, office space, and many more. Please contact Schwarz Properties at 336-625-6076 or visit our website.
