How to Find a Good Property Management Company

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We are very happy to share the following expert article submitted by LEO Prime Properties.  LEO Prime Properties delivers professional Atlanta Property Management services. They have over 10 years experience in residential property management, and offer dozens of houses for rent. They make it easy for you to buy and manage your properties, while they do everything else – from advertising, marketing, screening, and walk-through’s, to inspecting, rent collecting, repairing, and accounting.  Leo Prime Properties offers meticulous supervision, creative financial solutions, and use of their wide set of resources.

How to Find a Good Property Management Company

Many real estate investors dread using/chosing a property manager like they dread paying a visit to their dentist. However, a good property management company can ensure a steady monthly cash-flow and minimize your expenses.
In the long run, a good property management company will save you money (discounts on repairs, compliance issues, good tenant screening, etc.) and a whole lot of time.
Here’s a short clip of what a reliable Property Management company should be able to provide you:
http://youtu.be/qWnogliTscs

Here are some tips on how to chose a Property Management company that will be right for you:
1. Friends/family/referrals – Do you know someone that owns an investment property? Ask them who manages it for them and if they are satisfied. If you don’t have an investor in your network, find some property management companies that look right to you and ask for referrals. at least 2-3 of those. When talking to them ask what they like and what they don’t like about this specific company. You will learn a lot from those people.

2. Routine property visits – Ask if they have any planned routine visits to the property, and if so, how often. Routine property visits should not be an “extra” task and you should definitely not be charged for them. These visits keep the tenants on their toes and are more likely to identify a minor issue with the house/tenants before it turns into a problem.

3. Fees, fees, fees – most property management companies charge 8%-10% management fees, depending on the service they provide and how many properties you need managed. While this fee is quite standard and obvious, most companies have other fees that are not advertised in the same manner (tenant placement, lease renewal, eviction fees, inspection fees, property visits fees, periodic report fees, early termination fees, setup fees,  etc). Some fees are completely acceptable. Other fees are flat out made up. Remember, the property management company needs to charge you enough to be profitable. If it’s charging you too much (or too little), there’s a hidden agenda. Look elsewhere.

4. Online account – Ask if you will have an online account that’s accessible 24/7 and which software they’re using. Different companies use different softwares, and while there is an overwhelming amount of softwares out there, only a handful are truly useful and user friendly. Make sure you can get reports, view charges, rent payments, documents and invoices on your online account that’s accessible from any computer.

5. Maintenance – Ask how they address maintenance issues, and how they inform/charge you. Many companies would charge automatically (without informing the owner) for repairs up to $250. Some companies will require you pay before they do any work, while others will deduct it from the incoming rent. Make sure you know how maintenance is handled. Try to get an idea of how much ordinary repairs will cost. You’d be surprised how prices may vary between one company to another.

Finding the right property management company can be overwhelming. Don’t try to find the absolute best company out there – find the best one for you. Figure out what’s important to you, gather information from 2-4 companies and find the one that will meet your needs.

LEO Prime Properties

20 10th St. #1703
Atlanta, GA. 30309


Phone: (404) 997-3551
Fax: (866) 808-5085
Email: info@LeoPrimeProperties.com

 
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