How do I pick the right Property Management Company?
Your property manager will have a huge impact on your success as a real estate investor. We at Fidelity Realty Group are investors ourselves and have structured our company to be exactly what we wanted (but could never find) in a property management company. Ask yourself the following questions before hiring a property manager.
Do they get it? If they don’t own investment real estate themselves, they can’t possibly understand what it is like to be an investor, to have a vacant property, or to be left out of the loop. We believe it is impossible to effectively manage a rental property without that personal experience! If your property manager knows what it is like to have a bad tenant, they will screen better. If they know what it is like to pay that mortgage with no rent, they will be more committed to getting the home leased etc. If they aren’t passionate enough about real estate investing to be in the game themselves, how careful will they be with your investments? If they don’t nail this one, keep looking.
Can they really focus on YOUR home or are you just #2,000? The critical thing to each investor shouldn’t be how many houses you manage, but how you will manage their ONE property. Before you sign up with a huge company, make sure they can provide you with the personalized care you deserve. How can you tell if they do a good job? Check them out with the BBB or with a simple Google search to find out if they manage their homes well, or just churn through the numbers.
Are their fees fair and easy to understand? Don’t be fooled by all the smoke and mirrors. Nobody works for free, but some companies are masters of hiding the dozens of ways they can reach into your pocket. Ask about the renewal contract and find out if your rates will change after the first of the year. Ask about other things that may show up as bills on your accounting. Little extra charges and fees can nickel and dime a great property to death. With Fidelity Realty there are no hidden fees. You can expect great service at a fair price with no gimmicky promotions.
How will they market your home? Surveys show that the top sources renters use in their rental search are the internet, word of mouth/yard signs, and rental publications. 80% of renters use the internet to find a home or apartment. In addition to our yard signs, Fidelity Realty advertises your property for free on our website and on the Greater Louisville Association of Realtors multiple listing service. We also advertise on multiple rental home websites including Hotpads, Vast, Rentals.com and Craigs list at no cost to you. Our aggressive internet marketing creates more leads… and more leads give us more choices… more choices result in better tenants in less time.
Do they have experts on hand to mentor you as a real estate investor? At Fidelity Realty we are passionate about investment real estate. Because we are passionate, we have our own investment portfolio. Access to our investment experience creates many benefits for you. With Fidelity you have a fellow investor on call when you are stuck and having doubts. Wouldn’t it be great to sit and plan with somebody who has insight into the market, and the long term advantages of real estate? How invaluable would it be to have direction when you are choosing properties and as an added bonus help in negotiating the best possible deals? All these benefits come to you free as a client Fidelity Realty.