There are nearly 300,000 property management companies in the US alone.
Not all property managers are created equal and you don't want to end up hiring a second-rate one to run your investment property. When you've got a great property and an attentive property manager, you can maximize profits on your rentals.
If you're going to find the right Charlotte property management service, you need to know what to look for and what questions to ask. In this post, we're going to give you 5 truly helpful tips for selecting property management in Charlotte.
1. Look at Client Reviews and Testimonials
The first thing to do is find out what your options are for property managers in Charlotte. You can do this by asking other rental property owners for referrals or simply performing a Google search. An internet search should give you a long list of all of the companies that do this type of work in Charlotte.
To whittle this list down to a few of the best options, however, you're going to need to do some detective work. The easiest and most effective thing to do at this point is to look at client ratings, reviews, and testimonials.
Not only will these tell you about some of the amazing services that each property manager offers, but they'll also let you know if there are any red flags that you should understand.
Perhaps there are customer service issues or problems with the actual services that they provide. If so, you need to know about this stuff in advance.
Reputation is integral for property managers. Choose 3-5 of the top options based on reviews and start investigating them in a more in-depth way.
2. Their Services vs Your Needs
Once you've decided on which property management services are the best in Charlotte, you'll then need to look at what they each do. Now, before you even start your search, you should have an idea of what you want your property manager to do.
Some property owners want to have some involvement in the day-to-day of running a rental property. Others want to sit back, pay the property manager to take care of everything, and collect the rent checks each month. Figure out what you want to do as you're sifting through property management websites.
A full-service property manager will do everything from routine property maintenance and advertising to rent collection and eviction services. Many of them will work with you if you want to pick and choose which services you want help with and which you'd like to tackle on your own.
3. Ask About Fees
The next thing you'll want to inquire about is the fee structure associated with each company's services. You should get quotes from all property managers that you speak to so that you have a good idea of what the average cost for these services is because it can vary from one company to the next.
It's also important to find out how you'll be billed for the services. Most property managers end up taking a percentage of the monthly rent from each unit that they look after. For a long-term rental, you can expect the property manager to take anywhere from 8-12%.
You may also need to cover what are called "start-up fees". These are the fees dealing with advertising and maintaining the property when you hire a property manager, including photos for listings and cleaning services.
Ask about all of these things so you have the full picture of how much you'll have to pay each property manager.
4. Communication
Whether you want to be involved in the day-to-day or not, most property owners want to know what's going on with their investments. Another important question to ask is regarding the way the property manager will be communicating with you moving forward.
You want a property manager that is responsive when you want information. But even more than that, one that's proactive about letting you know what's happening. If you're looking for regular updates on your tenants, late payments, and any issues going on in your properties, make sure the property manager knows this.
On the flip side, you also want a property manager that is communicative with your tenants. If they have a track record of ignoring tenant requests, your unit is going to obtain a bad reputation and your investment will suffer in the long term.
5. Professional Licenses and Certifications
Last but not least, it's always a good idea to find out if a property manager is a member of some professional PM organization. These licenses and certifications let you know that the property manager in question is upheld to a certain set of standards.
For instance, one of the biggest organizations is the National Association of Residential Property Managers. If you see this on a property manager's website, it means they take business ethics, professionalism, and fair housing practices seriously.
An IREM certification means that the company has undergone the necessary training to be a high-quality residential property manager. You can also look at things like Better Business Bureau accreditations and local awards to determine the quality of service you'll receive.
Get the Best Charlotte Property Management
When you employ all of these tactics, you'll undoubtedly be able to find the best Charlotte property management. We're going to make it even easier, however, and tell you why Bottom Line Property Management is the answer to your property management needs.
Not only do we offer all of the PM services you'll ever need, but we give you fantastic customer service and work with the best local vendors in Charlotte. To learn more about how we can maximize your property investment, don't hesitate to contact us today for a consultation.
