Finding the best property management company for your rental property can be a difficult task. It can be tough enough just deciding to finally turn over your rental to someone you don’t know let alone decide which property manager is going to do the best job for you.
Here are a few things to consider when making this decision. In general, the number one question asked by prospective owners searching out a property management company is, “what do you charge”. Unfortunately, this is not the best question to ask by itself since the fee structure among property management companies can vary greatly. Also, the top line number of “cost” is a lot less important than the “BOTTOM LINE” number that a company delivers at the end of the month in your monthly owner distribution. Fee structures are different between rental companies and some things are not always clear up front. Also, sometimes the low management fee property management companies can end up costing you more either in “other” hidden charges for services that another company offers inclusive in their monthly services, or by costing you more due to low performance. At Centurion, we believe the best indicator of a great property management company is the bottom line – it is hard to argue with results.
On a practical note, ask the company what services they offer for their monthly fee and what services might be in addition to that fee if any. Ask about their staffing and how they handle after hours calls or emergencies and if they have an in-house maintenance department to save you money. As the old saying goes, you need to make sure you are comparing apples to apples!