The real estate market in Spokane is doing very well and investors with rental properties are smiling to the bank. The economy and population of the area have grown tremendously in the last five years and the demand for rental property is very high. Spokane is among the best areas to live in Washington and that is probably the reason why more people are looking for residential properties to rent in the region. However, those planning to acquire rental properties in the area should know that hiring a Spokane property management company to take care of their investments is very important if they want to maximize their rental earnings. The following are some basic tips on how to choose the best Spokane property management company to look after your real estate investment.
- Consider companies charging affordable and reasonable management fees
Property management companies in the area charge between 7-12 percent of the rent collected for their services. It is important to make sure you have considered the property management company with the lowest rates as long as their services meet your expectations. You need to be very careful because some local property management firms require property owners to pay a percentage of the total rent, whether collected or not. Try as much as possible to avoid companies that charge for total rent not collected because that is like paying them for work not done. In many cases, such property management companies have poor marketing strategies because they know that at the end of the day you will pay them.
- Consider the one with a more detailed management agreement
When hiring a property management company in Spokane, it is important to note that the services you get are in accordance with the management agreement between you and your manager. It is, therefore, important to make sure you have examined the management agreement with the company that you are hiring properly and understand the duties stipulated. Check the services provided, extra fees charged and whether they comply with the fair housing laws in the area. It is also important to make sure you also understand your responsibilities as the property owner because some property management companies expect owners to participate in the management of the properties.
- Check their certification and license
It is very important to make sure that the property management company you are hiring has the required certification and license from the local authority to manage properties in Spokane. This serves as an assurance that your property is in safe hands and prevents you from having issues with law enforcers. You need to counter-check with relevant authorities to confirm whether their license is active or not. Some property management companies in the area have inactive licenses and it is important to make sure everything is up-to-date.
- Compare several property management companies
Many property owners in the area do not take their time to evaluate several property management companies before choosing the most suitable. Most of the investors pick the management company that comes their way because they believe their services are great. If you do not know, every property management company in the area will tell you how great their services are in order to convince you to contract them to manage your properties. It is, therefore, important to interview several property managers in the area and pick the best. You may be surprised to see that there are better property management companies in the area other than the one you had in mind. When I was searching for the property manager I use in Spokane http://www.guenthermanagement.com I interviewed 5 different firms before deciding to use them. It take a bit of effort to find a good property manager but it is definitely worth it. Working with a property management company is a long term relationship so it’s worth
- Check their past performances and current workload
This is a very important thing to do when hiring a property management company in Spokane. You need to check how the company you want to hire has been performing in the past and see whether they meet your expectations. You can also consult some of their past and existing clients in order to get some facts about their performances. It is also important to check the actual properties they are managing presently and speak to current tenants and property owners to see if they are happy with the services of the company. If the property management company you are hiring is already taking care of many properties and they have limited employees, then you need to think twice before hiring them to manage your properties. Who knows, they might be struggling to satisfy their existing clients and it is unwise to add them more burden.