There are a lot of rental property owners who choose to manage their own properties, especially if they live within a short distance. They soon find out, like everyone else that has attempted to self-manage them, all the headaches and time consuming tasks that can come along with it. The always seems to be a leaking toilet or the heat is not working when there is snow outside. They alway seem to pop up right in the middle of something else. Of course you can’t forget that faithful tenant that every week cries that they promise to have the rent next week, at least in the Myrtle Beach property management business. There is always something more important that came up! A good property manager can be the solution to have your free time back.  So when looking for one here are a few good things to keep in mind.  Do you want to look for a property management company to manage an individual home, condo, apartment or for an association, apartment building, or commercial property?  We can help you. Making sure your property is efficiently managed is very important. Many time finding and choosing a management company for your rental property can seem difficult. To ensure you make the right decision the following tips will help.

A company that has knowledge on the local market is a great criteria to look for.  Hiring a management company that knows the local market means that your property manager knows what renters are looking for.  A good property management company will look at a property as if they were a renter to help increase rental rates, lower turnover rates, and decrease vacancy time. The manager should while walking the property advise you of smart and cost-conscious recommendations that increase your return while maintaining or improving your property so it is desirable. A management company should always keep your property competitive in the rental market, if they are good.

Next, you will want to interview the property manager or property management company. How will they find tenants. Do they have a marketing program that goes beyond their website? You will want to find out when there are maintenance requests how are they looked after.  You will also want to find out how do they track income and expenses?  Do they utilize property management software?  Do they offer owner statements reflecting the property’s income and expenses?

It is always a good idea to find out how long they have been in business and how long they have managed properties in your area. It’s likely that the new guy may not have the best knowledge or experience to handle the situations that may arise. Find out if they are members of any Real Estate management organizations, are certified property managers, or if they have received any specific training in property management. Ii’s never a bad idea to ask for at least three referances. Make sure you find a manager who has experience with your property type. Looking for a company with a system in place is the key. Never hesitate to ask to view an example of one of their management reports given to owners. If they hand you something typed up by hand on the spot and not a computer generated report, tis is not what you are looking for.  That’s an automatic red flag.  That shows that they do not have proper rental bookkeeping methods in place. Remember they have got to have a system.  You even want someone who has a back-up for when he or she is on vacation or out of the office for any other reason.Look over a copy of the management agreement and make sure you understand the fees. Make sure you know the terms of the agreement and when the agreement is renewable.  You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.

Next you will want to find a management company that uses a can do credit and criminal checks, income verification and nationwide screening for previous eviction filings. Where are security deposits kept and how are they collected? How often are payments made to owners and what is their policy for collecting the rents?  What options are available for your incoming payment, do they offer direct deposit?

Will they handle arranging any necessary repairs and do they have qualified people that they use if you don’t have a personal preference or requirement for your property?  Will they then handle paying any vendors and other bills out of incoming rent payments? What about all the minimal repairs does the management company set up a reserve for that?? make sure all repairs over a certain dollar amount you are notified and approve of it first.  Usually this is in the range of anything over two or three hundred dollars.

When the properties are furnished are there periodic inspections of inventory? When a tenant gives a notice are you contacted immediately?  Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?

Be careful of a property manager that is charging the lowest fees, it does not mean they are a good manager. It is necessary to have a screening process to determine if a manager has the ability to manage the property according to your requirrements. Best of luck and hope you found these tips helpful.

From your local Myrtle Beach Property Managers,By the Beach Properties

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