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Chicago Property Management Blog

How to Select Property Management Companies: What You Need to Know

How to Select Property Management Companies: What You Need to Know

Statistics from 2021 show that the market size for property management was valued at USD 17.69 billion. However, there is tremendous value in property management companies beyond their market size. They make it easier for investors and property owners to not only find the right tenants but to keep them happy.

Especially if a property owner is only seeking passive income, rather than taking on a full-time job, it makes the most sense to partner with a good property management company.

What is the best way to select property management companies? Follow these tips for success!

Options for Property Managers

To begin, it is important to understand there are options for property managers. You can choose from a property management firm, or an individual, and go it alone. While each option has its pros and cons, you will find the most pros come with a property management firm.

Whether it is you or another individual, it's challenging to oversee a property 24/7 by yourself. What happens if you go on vacation, or are sick? Most often, the best care you can get for a rental property is with “a village,” or a team of experts.

Property Management Experience

In some ways, the best way to learn about an industry is through experience. Real-world situations will teach lessons you cannot get from a classroom.

Further, when you have experience and establish an excellent reputation, you build a trusting network. When challenges arise, you have the right people you can lean on to help.

Therefore, when you select property management companies, you want one with experience. Ask the company how long they have been in business, and how many properties they manage. Depending on the number of properties, it is also important to understand how big their staff is, as well as their qualifications.

Reading Online Reviews

You can ask a property management company for references, and this will help you understand how well they serve their customers. However, they will not share an unsatisfied customer with you.

How can you really tell their reputation unless you can hear from many previous customers directly? Well, reading online reviews can help with that. By searching the internet, you can see how property investors really feel about their level of service.

Comparing Property Management Costs

While cost should not be your only determining factor, it plays a role in who you choose as your next property management company. The cheapest company will probably skimp on important tasks that you need them to do, while an expensive one will not provide value for the cost.

When comparing property management costs, beyond the price figure they give you, you want to know how that amount relates to the services you get. Essentially, who will provide the most value?

Select Property Management Companies

For many real estate investors like you, GC Realty & Development LLC, has been there to make renting properties easier to manage since 2003. Built on the cornerstone principle of being responsive, both tenants and landlords appreciate the work we do.

When you must select property management companies, choose one that will give you the VIP treatment you deserve. Contact GC Realty & Development LLC today.