Is the stress of managing your rental property finally getting to you?
If you’re tired of answering maintenance requests day and night and driving back and forth to conduct showings, perhaps you’re considering hiring a property management company near you.
Deciding to hire a property management company to take care of your rental properties is a big decision. There is a lot of thought and consideration that goes into it — or, at least, should go into it. You’ll want to make sure it’s a good fit for both you and your tenants and that you get the best possible ROI.
If you stick with me to the end of this article, I promise you’ll know exactly what to do before making this all-important decision.
Benefits of Hiring a Property Management Company Near You
First, let’s look at why rental property owners decide to hire a management company. As previously mentioned, some owners may feel overwhelmed by the many responsibilities of being a landlord.
Other owners may decide to hire one because they live too far away from the property. In fact, this is why 66.8% of landlords have hired a property manager.
When working with a property management company near you, you can experience the immediate and long-term benefits of passive income. The company will be the face of your property and manage pretty much everything.
That means you get to sit back and relax as your investment works for you.
All in all, a property management company makes owning a rental property much easier and more enjoyable.
Determine What Services You Need
Before you hire a property management company near you, determine what kind of services you need. This will help you narrow down the companies during your search and set your expectations.
There are many different types of companies out there offering various services.
Some are full-service companies that handle everything from maintenance requests, tenant acquisition and assistance to accounting and investment services.
Other companies may only offer basic maintenance request management and tenant acquisition.
After creating a list of what you would like your property management company to do for you, you’re ready to begin your search.
Finding the Right Property Management Company
Where do you even begin looking for a property management company near you in Aurora, Illinois?
There are three foolproof ways to find one in your area, but it does take some time to find the right one. You don’t want to rush the process of hiring a property management company. It’s essential to find the right one for you and your situation.
Finding a property manager in Aurora, Illinois or the surrounding areas can be as easy as typing “property management company near me” into Google. However, it’s filtering through the search results that will be the most time-consuming.
Click and explore the different websites that are generated from your search. Spend your time reading through the services each company offers and get a feel for their reputation. It also doesn’t hurt to read reviews from clients and tenants who have worked with them.
Ask for a Recommendation
Ask your friends, family, and acquaintances for recommendations for a property management company near you. You never know which of your friends has rented from a great company before. Or maybe you have some friends who also own rental properties, you could ask.
If you worked with a real estate agent to purchase your rental property, you could ask them for a recommendation as well. Real estate agents are usually very well connected and have an extensive network of professionals they could recommend.
You can even take your search for a recommendation to social media. Post a “looking for” activity on Facebook and search for “property management companies near me” or in a local group of real estate investors.
It’s always more reassuring to work with a company recommended to you than going off a Google search.
Take a Drive
If you live close to your rental property here in Aurora, Illinois, take a drive around the area and search for property management company signs. Many companies will post an advertisement outside the properties they manage.
Write down the names and contact info so you can research them better online. This also gives you a chance to see the condition of the properties they manage.
Working with a local company is beneficial because they are aware of the current market in the area. Therefore, they can help acquire tenants faster when needed.
Before Hiring a Property Management Company Near You
Now that you’ve created a list of the property management companies you are interested in hiring, there is still some work to do.
Before deciding on which company to hire, set up an interview and meet them face-to-face. This allows you to see the company’s office, experience the company culture, and ask questions.
If you aren’t sure what questions to ask, here are a few to help get you started:
- How long have you managed properties in the area?
- How many units do you currently manage?
- On average, how long does it take you to fill a vacancy?
- How do you screen potential tenants?
- Can I see your licenses and certifications?
Inspect One of Their Properties
You want to make sure that good hands manage your property. One way to ensure this is to inspect one of the properties the company already manages.
Ask to see one of their vacancies and do a walkthrough tour. Search for any unresolved maintenance issues and the overall condition of the property. This will give you even more insight into how dedicated and productive the company is.
Understand the Fee Structure
Nobody works for free. When you hire a property management company near you, it’s essential to understand their fee structure.
While some companies ask for a monthly rent percentage, others ask for an upfront fee plus additional expenses. You don’t want to be caught off guard with unexpected costs down the line.
Always read the fine print of an agreement before signing it. Ask questions about the fee structure until you fully understand it.
You want to make sure the property management company you hire will fit into your investment plans.
Kirch Property Management Makes It Easy
If you’re looking for a property management company near you in Aurora, Illinois, look no further!
Kirch Property Management is the leading management company serving the area for 33 successful years. As a full-service company, you can rest assured that your property is in great hands as you sit back and enjoy passive income from your rental property without the headache of managing it.
Contact us today to speak with one of our experienced team members and find out how we can help you manage your rental property efficiently and effectively.