Selecting Property Management can be a very involved process and may vary immensely depending on ones needs and objectives. When selecting property management here are a few things to consider along with a few observations and recommendations that may help in the process.
1st are you a first time Landlord/Investor. If so this process can be somewhat overwhelming as to there are many variations on property management and the services that are being offered by these companies.
As a 1st time Landlord you will need to consider what your long and short term objectives are going to be. Are you looking to use this property for long term income, or to pay off the mortgage and then sell. Are you looking to add additional property to your inventory down the road. Are you only looking to rent due to you do not want to sell. Are you the type of Landlord that wants a total hands off approach, or a Landlord that wants to be active and somewhat involved.
Each situation noted above can lead to needing different types of services and receiving a different set of benefits.
If you are the type of person wanting to be totally hands off and or wants no interaction with their tenants then this may lead you to needing a full services property management company, where everything is done for you for a regular monthly and annual fee structure. In these circumstances you leave all decisions up to the management company on your behalf and they in turn send you rental payments (-) monthly services fees on a monthly, bi-monthly or quarterly basis along with also subtracting any misc expenses for repairs, or services rendered on your behalf. Again these type services are what may be most viable for anyone wanting a totally off hands approach to being a Landlord/Investor.
Are you the type of Landlord/Investor that is more involved and or more interested in the profit and loss margins of their investment property. For these type Landlords/Investors you may still want a property management services but one that can cater to your specific needs and wants and at the same time reduce your overall monthly/annual expenses and increase your overall profit margins etc. and still provide you with the end results you want but at a much reduced cost over the long term.
Again, when selecting whichever type of services you feel works best for your needs always ask as many questions as possible to make sure the services you are receiving are the services you want or need for you overall objectives both long or short term.
Each Landlord/Investor will have different needs so make sure to find the most viable option that best fits your needs when selecting a property management services as they will vary considerable.
Stay tuned for additional postings on this topic and many others in the weeks/months to come.
