Did you know that landlords only screen an average of two applicants per rental property? The best way to find a good tenant is by casting a wide net, but not every landlord has time to do this.
This is one of the many tasks that a property management service can take on for you. How can you find the right company for your Nashville rental properties? Read on to find out.
1. Licenses and Certifications
Not every state requires a license of any type for building managers. Others require only a real estate license. Before hiring a property management service in Tennessee, learn about the requirements.
If your state does not require a license, you should still check that a company has professional affiliations and is certified to manage properties. You'll save more money in the end by hiring qualified professionals.
2. Specialized Experience
Hiring a property manager is essential for those who cannot handle the stress of rental properties on their own. Property managers should have a record of their specialized experience.
Don't be afraid to ask for this proven record of a company handling rental management and the tenants that properties come with. You'll want someone who has the experience you currently need.
If you have a specific type of investment, make sure property management services can handle it. Someone who has only managed small properties might not be able to handle properties with multiple units.
3. Solid Reputation
You can find out the reputation of a Nashville property management service by doing research online. It's important to scope out a company's website and reviews before hiring them.
First, start by checking ratings on the Better Business Bureau (BBB) website. If the rating is good enough for your taste, check out online review sites like Google to see what tenants are saying.
As a landlord, you won't be dealing with tenant issues when you hire a property management company. However, if tenants are complaining about the management, you'll end up with vacancy problems.
4. Strong Policies
When hiring a property manager, you want someone with strong policies that share the same morals and values as you. Ask about the policies that a management company has to understand what they value.
A well-run company will have a great process and efficient system in place. Understanding these processes will help you understand how a service works on a day-to-day basis.
At the very least, you'll want a company that can stay on top of issues. With a process in place that does this, you'll have to deal with fewer problems as the landlord.
Ready to Hire a Property Management Service?
Every property management service will have strong qualities that might convince you to hire them. However, if they don't have the above four qualities, you won't be in the best hands.
If owning a rental property or two in Nashville has not been all that it's cracked up to be, you just need some help. Contact us today to learn how we can benefit you.