There are upwards of 248,000 property managers in the US alone, so how do you choose the right one for your needs?
Running a rental property is no walk in the park. Whether you're a new property investor trying to expand your portfolio or using rental property for side income, you may not have the time to dedicate to maintaining your property and helping your tenants.
That's when having a property manager can be a lifesaver, but only if they're good at what they do. Today, we're going to help you find the best property management option in Virginia Beach.
Not all property managers are created equal, so keep reading and learn how to separate the wheat from the chaff.
1. Look at Online Reviews
The first thing to do when looking for Virginia Beach property managers is to check online ratings and reviews. You're not going to find anything negative on a property management company's website, so go to the local listings instead.
What former clients and tenants say about a property manager will tell you a lot of what you need to know to make an informed decision. Mainly, you'll be looking for red flags, like neglecting tenant requests, failing to maintain the property, or mismanaging finances.
You want a property management company you can trust. Use the reviews to narrow down your selection to a few of the best options.
2. Local Expertise and Professional Certifications
When you're checking out property management websites, find out about experience and certifications. The longer a property manager has been serving their community, the more they'll bring to the table. You need local knowledge when it comes to understanding rental laws, pricing units correctly, and hiring vendors.
In terms of certifications, look for companies that are affiliated with industry organizations. One of the biggest ones for property managers is the NARPM. If they have this, it shows you that they're held to a higher property management standard.
3. Services On Offer
You must ensure your property manager offers the services you need. Most full-service property management companies will look after everything from maintenance to money. If you want specific services, make sure that they offer curated packages for each homeowner's needs.
Lastly, you need to compare property management fees. It's important to set a budget before seeking out a property manager. Choose the one that both satisfies your needs and fits into your monthly budget.
We'd be remiss not to tell you that property management services often help to increase the value of a rental property. They help you improve your property, get more monthly rent, and better long-term tenants. All of this works to increase your bottom line.
Hire the Best Virginia Beach Property Managers Today
Now that you understand more about how to find good property managers, it's time to talk about the best option in Virginia Beach. PMI is a full-service property management company and one of the leading property managers in the country.
Whether you're looking to take a hands-off approach to your rental or you want to pick and choose your services, we can help. Contact us today to learn how we can maximize your rental property investment in 2023.