As of 2019, 52 percent of Columbia, South Carolina residents were renters. The demand for rental housing has not decreased. So rental property is an ideal investment for real estate investors.
Having a rental property means keeping up on routine maintenance for your investment to continue paying off each year. Besides overseeing property repairs and maintenance, you must ensure tenants pay their rent on time.
Sometimes, all the property management activities can be too much to handle. So, it helps to hire a property manager.
Given the many property management companies in Columbia, SC, choosing the best property manager is not always easy. Luckily, we are here to help.
This article offers handy tips to help you find the best property management company in Columbia.
Interview Many Property Management Companies
You must get as much information as possible to find a property manager you can trust. Thus, once you research local property management companies, reach out and ask them the following questions:
- How many property managers do you have?
- How many properties does each manager manage?
- How often do you conduct property inspections?
- Do you prepare monthly or annual financial statements for the properties you manage?
- How do you handle tenant evictions?
- How do you screen potential tenants?
By asking your candidates these questions, you get a feel of what to expect when you hire them. Thus, you can choose the candidate you trust most.
Look for Companies With Specialized Experience
Real estate is a vast sector comprising multiple types of investment properties. Real estate laws and regulations apply differently to different types of property. Thus, it helps to work with a property manager who knows local, state, and federal rental laws.
Hire a property management service with experience handling your type of rental property. For instance, a property manager who handles commercial rentals may not serve you well if you own residential rental property.
Consider Service Offerings
When searching for property managers, aim for a full-service company. A full-service property management company handles everything involving managing your property, including:
- Rental marketing
- Tenant screening
- Rent collection
- Legal documentation
- Accounting and record-keeping
- Property inspections, and
- Scheduling routine maintenance
A full-service company is particularly convenient when you live far from your rental property or own several rentals.
Hire a Company With a Good Reputation
Poorly managed rental properties have low tenant retention rates, resulting in significant losses. Thus, before hiring a rental management company, ensure it has a proven track record.
Check for customer reviews and complaints. Traditional sites like the Better Business Bureau are a great place to find reviews.
References are also helpful information sources on a company’s reputation. When speaking to property management candidates, ask them to provide current client references.
Ensure you talk to all references about their experience with the company. Be wary of any property manager who cannot provide references, as they may have something to hide.
Hire the Best Property Management Company
Choosing the right property manager is vital to your success in real estate. Following the above tips will help you find a trustworthy property manager.
At HomeRiver Group Columbia, we have the property management experience you need. Contact us today for professional, effective, and convenient full-service rental property management.