There are currently over 296,200 property management companies in the US. If you're looking for just one in Coeur d'Alene, you need a plan. Otherwise, you could choose a newer company that lacks the experience and expertise you need to succeed.
Here are a few tips to help you find the best property management company in town. With these tips, you can feel confident in your final choice.
Hire a property manager today!
Prioritize Experience
As the industry grows, it's important to find long-established property management businesses with years of experience. Newer businesses may still need to work out operational kinks. They may lack the resources of staff to meet your needs and expectations.
Start building a list of property management companies by searching online. Determine how long each company has operated.
Learn about their staff. Determine how long each property manager has worked in Coeur d'Alene. Look for a team with roots in the community.
These teams will have an easier time understanding your tenants and how to improve your business. Their experience can ensure efficiency.
Check each company's credentials. Confirm that they have a broker license before you hire them.
Consider Their Reputation
Look online for reviews from other property investors. Client reviews will ensure you find a company worthy of your trust. Check each company's BBB profile, Yelp page, and Google Business listing.
Look for a company that has dozens of reviews from clients. Make sure some of the reviews are recent. Reading reviews they've generated over time can help you spot changes to the quality of their service.
If you see many negative reviews, remove that company from your list.
Review Services
Look into the services each company offers. Make sure they offer a range of services that align with your needs. For example, you may need help with:
- Property marketing
- Tenant screening
- Rent collection
- Property maintenance
- Accounting/financial reporting
- Evictions
- Legal compliance
- Property inspections
- Home watch
Learn more about each company's processes. For example, how will they help you find and retain tenants?
Vacancy rates could drop from 6% to 4% by 2025. As vacancy rates drop, you may find it more difficult to find tenants. Ask each property manager about the vacancy rates for the properties they manage.
Ask how they help their clients remain competitive, even as other properties find or retain tenants.
Compare Costs
Determine how much each company's services will cost. Ask for an itemized list of their services. Look for companies that allow you to customize your requests.
You shouldn't have to pay for services you don't need.
Don't rush to choose the cheapest property management service. Instead, review your notes to make an informed choice.
Your Coeur d'Alene Property Management Company
Finding a property management company shouldn't be stressful. Use these tips to narrow down your options. Finding the right property managers will ensure your investment properties are in good hands.
They'll help your business thrive!
You don't have to keep searching for your Coeur d'Alene property managers. We're happy to help.
Contact PMI Coeur d'Alene today to learn more about our services.
