How to Locate a Property Management Company When looking for property management, talk to friends, your attorney or your accountant to see who they know and would recommend. A number of property management firms advertise on the internet. You can also check professional organizations such as the National Association of Rental Property Managers (NARPM), the Institute of Real Estate Management (IREM) which is a division of the National Association of Realtors, and the Property Management Association (PMA). Also check state and local resources, as there are a number of statewide organizations representing the interests of property management companies. If you are a member of a homeowner's association, ask other homeowners about their property management company.
What to Expect from Your Property Management Company
Every aspect of the property manager's responsibilities should be outlined in a contract. Detail their financial responsibilities, including their ability to enter into subcontracts on your behalf. Specify the types of financial reports you expect. A good property manager should stay current on new laws in the area that are relevant to your situation, so make sure there is a system in place for your management company to alert you to changes in the law. You may want the individuals responsible for your property be Certified Property Managers. These individuals are accredited by the Institute of Real Estate Management, and must have a minimum of five years experience. If you expect your property manager to attend regular meetings, make sure to spell that out in your contract.
A good property management company takes a lot of the burden off of owning rental real estate, or of homeownership in a homeowners association. Finding the right property manager may take time, but is worth the effort.