You did it; you finally invested in a rental property in Woonsocket, RI. Congratulations! And good for you, as it's a renter's haven, with rental rates lower than the U.S. average.
So, you'll likely have many applicants vying to become your tenants.
However, being a landlord is a lot of work; for starters, you'd have to stage and maintain your property. Then, you have to advertise it, screen tenants, create lease agreements, and collect rent.
That's unless you hire the right property management company. They can take over most, if not everything, you need to maximize your rental income.
We've shared tips on finding and hiring the right property management firm, so read on.
Confirm Online Presence
With nearly everything being available on the Web, businesses without an online presence can be suspicious.
So, it's no wonder that before visiting the physical locations of businesses, over 90% of consumers will first look them up online. After all, the Web makes it easier to learn more about service providers, especially if they have many company reviews.
Do the same when looking for a property management firm. Their website can also give you an idea of how innovative their services are.
For example, you want to work with a company offering an online owner and tenant portal. This simplifies landlord-tenant communication, rental payment, and collection. It should also let you and tenants request property inspections and maintenance online.
Request and Verify Client Referrals
A reputable property management company will gladly give you a long list of referrals. However, you should still be cautious and verify their legitimacy.
Always contact referrals and ask if they indeed recommend their property managers.
Ask About Pet Policies
Whether you have pets or not, consider promoting your properties as pet-friendly.
A good enough reason is that 70% of U.S. households have pets. Welcome these families to your rental units, and you can expand your tenant pool.
However, letting pets in your properties can make them more prone to damage. That's why you should choose a property management company specializing in creating and implementing pet-friendly policies. They can help ensure your tenants are responsible "fur parents."
Ensure They Provide Guarantees
Property management costs range from 8% to 12% of your monthly rental fees. That's on top of your property's maintenance and repair costs.
That's not exorbitant, but it's still a sizeable sum, so you want to ensure their services are worth your money. For example, they should have a guarantee for finding high-quality tenants in 21 days. They should also guarantee tenants will fulfill a minimum lease period of at least nine months.
Partner With the Right Property Management Company
The property management company you choose should have a solid online presence and legitimate referrals. It should also be pet-friendly and back its services with guarantees.
All those and more are things you can expect from PMI Ocean State. Our team of real estate and tenant management experts can help you make the most of your Woonsocket, RI, properties.
So, book your consultation with us today! We'll happily answer all your questions and give you a free rental analysis.
