Every landlord renting out a property in Houston could benefit from a property management company. Particularly for new landlords, failing to use the services of Houston property management companies can mean a lot of extra work, as well as less profit in the long run.
Making the right choice for a property management company is the difference between profiting from your property and taking a financial loss. But how do you know if you’re picking the right company?
Here are some tips for making sure your Houston real property management company is the right one for you:
Pick a local company.
When it comes to real estate, the market differs greatly by region. A large property management company with customers throughout the country probably isn’t best suited for your needs. Your property management company in Houston will know the local market, and can respond more quickly to your needs. Local companies can help you set rent and make improvements based on your specific location in Houston. This means better service, less work, and more profit.
Get a referral.
A quality company will serve clients well. While searching online is a good way to determine your options, getting a referral from someone you trust can help ensure you get the best property management in Houston.
Interview a few candidates.
Don’t pick the first Houston property management company you find. Interview a few potential companies to see who offers the best services at the best cost. You want to get a good impression. If he or she seems dismissive and not receptive to your needs or questions, this is an indication of the service you’re likely to receive going forward. Don’t settle for less than respect and high quality service.
Make sure they’re licensed.
Every good property management company should have Texas- and Houston-specific licenses to work in your area. This license should have written documentation as evidence. Request to see this information. Doing business with a company working illegally not only means they may take your money, but you could also get in legal trouble for working with them.
There’s no reason to risk the future of your property on inexperienced Houston property management companies. A good residential property management company should be established in your local market. Properties they currently manage or have managed in the past should be similar to your own. Some companies tend to work better for large apartment buildings. Others specialize in single family homes. Choose a company experienced in your kind of property to ensure they fit your needs.
Talk to references.
A solid, established property management business will have references for people they have worked with before. The company should provide at least 3 current or recent clients. Contact them on your own to discuss how they feel about the company’s service. Ask about strengths and weaknesses, as well as their overall satisfaction level. Be sure to ask how successful their property or properties have been with the help of this company.
Discuss the money side.
Part of a management company’s job is collecting the rent on your property. Establish when the company will collect the rent, and when it will be deposited into your account. Some Houston property management companies hold your rent money in their accounts, meaning they gain extra interest from it. A good company will get your money to you as soon as possible.
The company you choose should also have solid accounting practices. You should receive periodic, detailed statements of the amount collected, tax payments, and expenses for maintenance or repairs. It’s also important to discuss the fees the property management company will collect for their services. To make sure the price they ask for is fair, find out what the average property management in Houston costs tend to be. Check for your neighborhood specifically. Fees are typically charged as a percentage of rent. With the low cost of living in Houston, this percentage shouldn’t be too high. Also remember you can negotiate the price.
See what repairs they offer.
One of the perks of using a property management company is that repairs will be handled for you. When interviewing a prospective business, find out what repair and maintenance services they offer. Determine if the company has their own crew, or if they contract out. If the company contracts out for repairs, their services may be more expensive. Be sure to ask about the policy involved when they can’t fix something. You may also want to set a maximum in which the Houston property management company can spend on repairs without first checking with you. Check that the company gives you the option to view invoices for repair and maintenance costs.
Investigate eviction procedures.
In the majority of cases, eviction isn’t something you’ll have to worry about as a landlord. However, in the rare cases when it becomes necessary to evict, the property management company should have procedures. Ask about the costs and general procedures when it comes to evictions. A company failing to offer eviction services is not a wise choice; eviction is one case you don’t want to handle without help.
Houston real property management services often include helping you find tenants through advertising. Make sure their advertising procedures are effective. A good advertising service will be comprehensive, employing techniques such as a sign on the lawn, newspaper notices, and online advertising. The company should have a basic understanding of web design and usage to construct a useful ad for your property.
A good property management company is your partner in the leasing process. Going through all the steps to find proper Houston real property management may seem like a lot of work, but it’s worth it for the peace of mind and the profit you will earn. When looking for Houston property management, consider Green Residential. Green Residential has worked in the Houston area for over 30 years, helping new and experienced landlords alike with the process of leasing their property. The company specializes in all kinds of residential properties.
Contact Green Residential today to find out more about how you can benefit.