Jeremy Tallman By Jeremy Tallman • June 7, 2017

How Should I Choose a Property Manager?

 

 

There are a couple of questions you should always ask before choosing a property management company in Indianapolis. Generally, the first question we get is – what are your fees? That’s an important question to ask, however there are a couple of things to consider when you are comparing fees.

Some property management companies will charge you one flat monthly fee. Other property management companies will charge you for each service. Some companies will charge a leasing fee, some will charge a set-up fee and some will charge a monthly marketing fee. I think that in general, most companies charge the same amount; it’s just that the fee structure is a little bit different.

What you need to remember is that you really want to choose the right property management company, even if it means spending a couple of extra dollars.

Assuming that fees are generally the same, there are some things you want to know from your property manager before you go ahead and sign a contract.

First, find out if the principals or the owners of the company have their own rental real estate. I think they should. I believe an important part of being an effective property manager is having that grassroots experience of dealing with tenants one on one without staff to help you out. A property manager has the perspective of a property owner will be better able to serve you. He or she will also be more efficient and better equipped to handle whatever situations or issues may arise.

Property managers with experience as owners will be able to help you make decisions involving your property. I think it’s an important quality for your property manager to have. So, find out if that experience is there when you start interviewing different companies.

Another important question you will want to ask is about communication. Find out how the property manager will communicate with you. I take calls every week from people who are frustrated with their property managers because they cannot get a return phone call. That should never happen. There should be multiple ways to reach your property manager. You can use email, voicemail, text messaging or software that will help you communicate with each other. You should never find yourself waiting for a phone call. If you are, call another property management company instead.

If you have any questions about the criteria you should use when selecting a property manager, or you would like to talk about the services we can provide, please contact us at T&H Realty, and we’d be happy to answer your questions.