Four Tips for Selecting the Best Property Management Service

Investing in Niagra-on-the-Lake real estate can offer an excellent opportunity. However, you may not have the available time or resources to maintain your property over the long term.

If making monthly trips to pick up rent and keep up with maintenance does not sound like something you want to do, you still have options for obtaining steady rental revenue. A property management service can perform valuable tasks that save you the hassle of doing them yourself. As long as the services are adequate, you can simply watch the revenue come in with little effort on your part.

The key is to find a property management service you can trust. Your valuable assets and revenue stream should not be jeopardized by a property management service that is literally more trouble than it is worth. Here are some tips for finding someone worthy of managing your properties:

Decide the Extent of Services You Need

Some companies offer more extensive services than others. You can also typically select what services you want as part of a client package. Think about whether you need all or some of the available services, including:

  • Tenant screening
  • Maintenance services
  • Lawncare and landscaping
  • Rent collection
  • Legal services, such as providing lease agreements
  • Property surveillance
  • Marketing for attracting new tenants
  • Security deposit collection and dispersal

Decide on Maintenance Protocol

Depending on the company you use, there can be very different processes for handling maintenance. If you are new to being a landlord, you should probably approve only minor discretionary spending, with larger jobs vetted directly by you.

You can also have the management company let you contract out the maintenance yourself, allowing you to pick the person performing the work and for what price. Establishing methods of control like these ensure you do not receive a ridiculous maintenance bill in the mail.

Go By Reputation

The absolute best way to find a property management company is by their reputation. Get in touch with other property owners in the area to learn about their experiences. Many property management companies are unscrupulous and disastrous to their clients’ investment strategies. Others are worthy partners that can help you build your own reputation as a property owner while generating a healthy revenue stream.

Avoid Companies That Also Own Their Own Properties

Any property management company that has their own rental properties will have a glaring conflict of interest. You will be in competition with them any time they have a rental listed at the same time as yours. Avoid this problem altogether by only hiring people interested in managing properties, not owning them.

These guidelines will hopefully help you find someone who is reliable and trustworthy. For advice on reputable property management companies or for help buying NOTL real estate as an investment, visit our rental page.