Not all property management companies are the same. You don’t want to entrust your vacation home rental(s) to just anyone. That’s why you need to ask the right questions to determine who might be best equipped to handle your needs. Keep these considerations in mind as you research such vendors:
Monthly statements
You need to account for expenses and whatnot. Such a document is important because it indicates the health of your investment property. Without monthly statements, you’re in the dark.
Responsive communication
You need a company that will engage in a timely manner via email and phone at minimum. Ideally, the company should be willing to come on-site if an issue arises.
A robust network of professionals
A professional property management company should have an attorney on retainer they consult with for expert advice. Issues can arise and it’s important that the company has a trusted advisor they can consult in such situations.
Maintenance is another wildcard. Whether it is in-house maintenance or strictly third party vendors, a property manager must have a plan for addressing problems in a timely fashion.
Transparency
If you are interviewing a property manager and they’re not forthcoming about fees, it can indicate a problem. They should have a set fee structure and share it with you so there are no surprises later.
Software
Technology can be a leading edge. How do they take care of rent collection, managing maintenance requests and paying bills? Professional property management companies rely on such tools.
End-of-year-accounting
You should receive a 1099 and a Schedule E. The latter will indicate all your income and expenses you plan to report. It’s important that a property manager offers such a service, as it makes tax time less stressful.
Choosing the wrong property manager can impact your earnings and cause headaches. And who needs that? We get it — trust must be earned. When you’re not at your rental property, you need someone you can trust to keep an eye on things.
But there’s much more to property management than the basics. That’s why you need an expert partner, like PMI of Greater Milwaukee. We not only focus on helping you to increase your portfolio but also on how to offer an unforgettable and smooth experience to your guests. Leave your worries behind and let PMI of Greater Milwaukee protect and maximize your investment. It’s the right choice!
Our commitment to you is to deliver on our brand promise: effective communication, honesty/integrity, accurate accounting, and availability of the management team. See for yourself why our clients choose our expertise, professionalism and time and time again.
