Pittsburgh is one of the top 50 places to rent in the US. With rents increasing by 5% year over year and increased desirability for renters, now is the perfect time to get started in rental property investment.
Plus, there are ways to make the process easier. A rental property management company can take care of some of the hassles for you. Let’s take a look at how to choose the best agency for your situation.
Begin Your Search
The easiest way to begin your search for a rental property management company is through an internet search. If you go this route, be sure to narrow down your search phrase.
For example, if you are looking for a commercial property management company, add “commercial” to your search.
You could also reach out to a local real estate or landlord association. They may be able to give you referrals to companies that you can be more sure will be a good choice. Searching via a professional property manager directory is also a good start.
Consider Services Offered
Once you determine some of the property management options, you can narrow them down based on the services that they offer. It’s very important that the rental property manager that you choose performs the services you want them to.
Some rental companies may cover everything from marketing your property and running background checks to managing tenants to taking care of maintenance and repairs. However, some other companies may only focus on tenant management and day-to-day operations.
Many property owners may be tempted to put fees at the top of their list of most important factors when choosing a rental property management agency. While it is key to making a profit, the lowest cost option may not always be the best.
You’ll need to pay a monthly management fee. However, there could be other fees, including setup fees and fees whenever a new tenant moves in or renews the lease. Be sure to ask about any possible hidden fees to get the full picture.
You should also compare the fees alongside the services the company offers. You may pay a bit more for a company that offers more services. But you’ll have less work to do yourself.
A property management company with lots of experience may also charge more. But you’ll be able to rest easier knowing your rental property management expert is reputable and can handle any situation that arises.
Other Factors to Look For
Hopefully, after comparing services and fees you’ve narrowed down your options for a rental property management company. From here, you should make sure they will be pleasant to work with and meet any regulatory requirements.
You should also interview your options. This can give you an insight into their professionalism, responsiveness, and friendliness. Ask for references and check their online reputation. Others’ past experiences can help you know what it is like to work with them.
With some exceptions, property management companies in Pennsylvania must have a real estate broker’s license. Ask the company if they have the required licenses and insurance. Double-checking is crucial because it can help protect your financial well-being.
Choose the Right Rental Property Management Company for You
Picking the best rental property management company for you is critical because it can make the process of owning and running a rental property much simpler. Make sure the company offers the services you need, at fair fees, with a good level of professionalism.
Call the HomeRiver Group Pittsburgh today to start making managing your rental property easier.