How to Choose a Property Management Company

If you choose to buy a rental home in a different state or even county, you might find it hard to manage by yourself, which is why many turn to a property manager to handle the rental process. However, choosing the most knowledgeable property management company in the counties of Westchester Putnam, Dutchess and Orange in New York, as well as Bergen, Hudson and Passaic in New Jersey, can feel challenging.

With the number of vendors available in the market, it can be hard to know which will provide the best service and value for you. We’ve put together our top 5 tips you need to know to ensure you pick the best option available when searching for your next property management company.

  1. Find ReferralsOne of the easiest ways to find a knowledgeable property management company is to get a referral. If you’re new to being a landlord, it’s a great idea to connect with others in your area who already use property managers and ask for a referral.

    They’ll be able to candidly speak about the weaknesses or strengths of their property manager, as well as the different services they offer to help you decide if they’re a good fit for your property.

  2. Choose an Experienced PartnerYou want to work with a firm who knows the area they manage. A company with local knowledge will be able to tell you the current vacancy rates, how quickly a property will receive applications, and what the market of renters looks like.

    By working with a knowledgeable management company, you’ll know you’ll be working with someone who understands the market and will know where to find renters for your property. We’re proud to service the counties of Westchester Putnam, Dutchess and Orange in New York, as well as Bergen, Hudson and Passaic in New Jersey.

  3. Search for Specialized ExperienceIt’s essential that you work with a property manager who understands the local, state, and federal laws, as well as someone who can handle the various issues that come with homes and tenants. Search for property management companies that have experience caring for your specific property type. For example, if you have a rental apartment in the city, a short-term vacation beach rental company might not be the best fit for your property needs.
  4. Ask About the FeesIt’s essential to understand what you’ll pay for your property management fees. You want the price to be reasonable, provide good profit margins and ensure quality service. Make sure that you ask for the fees before agreeing to work with a property management company.

    You might find that they charge a set fee or a percentage of rent collected. Remember that the lowest price does not mean you’re going to get the best service. Instead, you want to ensure you’re getting the best quality with a fair price. Asking for transparency regarding the management fees will help to make sure everyone is on the same page.

  5. Choose Your Management StyleSome companies will reach out to you frequently, making sure that you are always on the same page with any issues involving your tenant, while others will focus on taking care of every detail, freeing you of any tenant duties. It’s essential to find a company that meets the management style you’re looking for. Make sure to ask about how they would handle situations and what issues they would get you involved with. One way is not better than the other; it just depends on your personal preference.