Rental vacancy rates are expected to drop by 2% by 2025. This is great news for you as a property owner.
You'll be able to increase your occupancy rates and profits. However, this also means you need to invest in high-quality property management.
Managing and running your real estate portfolio is a hard task to do alone. Hiring a property management company to take on some of the responsibility will be a game changer.
Now, you need to know what to look for in a company. Below, we'll talk about the important factors to consider before signing a contract.
Local Knowledge
Whether you've lived in South Bend your whole life or if you've recently come to the city, you need a property management company that knows about the area.
The market is unique and understanding the local dynamics is crucial. That information will guide all your decisions. Your team should know local rental rates and understand tenant preferences.
Good Reviews and Company Reputation
You can learn a lot from other people's experiences. When you're considering property management services, look online for local reviews.
Are there a lot of positive testimonies? If so, that's a good sign.
Everyone gets a few bad reviews from time to time. However, there are a lot of negative comments, so it's best to keep searching.
When you're talking to potential property managers, don't be afraid to ask for client referrals. This can be very eye-opening.
Comprehensive Services
Your needs may be different than the rest of their client base. You need to ensure they offer comprehensive services.
Do you need marketing and advertising? Do they collect rent and handle property maintenance?
These questions will help you determine if they offer all the services you need. You don't want to sign a contract only to learn, they don't offer everything.
Extensive Tenant Screening Process
Property management services should also include tenant screening. You've probably heard of someone having a bad tenant or you may have had one yourself.
You don't want unreliable renters as it will only make things more difficult for you. The property management company should have a process that ensures tenants are a good fit.
They should do more than run a basic background check. They should get confirmed income, get references, and get their credit. These steps are to protect you and your property.
Cost Structure
A company with all the right licenses and certifications should also be transparent about its fees and costs. You don't want to be surprised about the price after you sign the contract.
Property Management Company in South Bend
South Bend is a great location to own a rental property; however, it's not without its challenges. Finding a property management company that is reputable and reliable is key, but it can help you create a successful real estate business.
You'll need to follow the steps above to make an informed decision. Take your time and go with your gut.
Our team at PMI Michiana has over a decade of experience. We know how to help you. If you have questions or if you're ready to get started, send us a message.
