You have worked hard to select a market, choose the submarket, find a deal, underwrite it, submit a letter of intent (LOI) and get awarded your next income-producing asset. One of the quickest ways to kill your asset and turn it into a liability is by hiring the wrong property management company.
If you want to retain tenants, optimize operations and ultimately grow your bottom line, look to use these best practices before selecting your next property management company.
A Seasoned Company
When you are on the hunt to select a property management company, you want to look for one that is already well-versed in that region and ideally in that submarket. This not only helps once you own the property, but if you select a company prior to making a purchase, they will be able to help you a lot in your search. If they already manage in that market, they will have a good idea of the amenities local residents like, how much units should be renting for and what upgrades will bring you the highest return on investment. It is likely that they know more than you do about the market, due to their many years of already managing in it.
