Traits of a Good Property Management Service

My first recommendation for effective maintenance of rental property is to research and find an excellent property management service. Your property management service is responsible for finding you good creditworthy renters. They will do background and credit checks to make sure you get a good tenant. They also need to have a good working knowledge of the rental area for you to be able to procure the most favorable monthly rent.

The good ones should be able to provide you with services like finding you a good maintenance man for any inside or outside repairs on the home. That includes plumbers, electricians and building contractors. Your property manager should be taking care of all referrals for service that the tenant requests. The good managers will update you on the costs of maintenance when it occurs.

Additional services that your property management should provide is for payment of property taxes, condo fees and rent collection (of course). Some property managers will also send your rental income directly to your bank (direct deposit). Interview your potential property management thoroughly and you should be able to find an excellent one.

One last point to cover is for you to make sure that your property manager sends you monthly or quarterly statements. At year end, you will require an annualized statement for the year. This is for tax purposes.