How to find the right property management company?

Question

Hey everyone, new to the rental game. Long story short, I’m in the army and stationed out in Kansas. I own a house in Northern Kentucky. Looking to just hire a property management company to manage it until I can get everything in a row. Big question is what kind of things do you look for in a property management company and what is a fair price when selecting one?

If anyone knows of a solid PM company that does NKY I’d appreciate the help!

Michael Smythe · Answer

Make sure they have easily explainable processes in place that you can get a copy of to hold them accountable.

Communication is also critical.

Lucy Atkinson · Answer

Kingston Property Management, they are well established in central KY and have recently expanded to NKY. They are ran by investors so they are great at keeping the preservation of your investments in mind.

Evan McCarthy · Answer

Hey Kane, although I can’t help you with picking a solid property manager in Northern Kentucky I can try to give you some guidance on what to look for in a property manager. I worked as a carpenter for a property management company most summers while I was in college and have some understanding on what separates a good manager from a bad one. To start organization, communication and time management is key. They need to be organized and have systems in place that are set up to handle a growing inventory of properties. Next is communication, they should respond relatively quickly to your inquiries and concerns. Last is time management, they should be showing up on time. Another thing to consider is the amount of employees that they have. Number of employees can depend on a number of factors such as size, complexity of properties and the number of units they manage. Generally the less properties they manage the less employees they need. If they manage a lot of properties but don’t have a lot of employees that may be something to look out for as it could lead to rushed work/maintenance or a delay to work/maintenance. Final note, ask around, talk to other investors in the area and ask what property managers they would recommend. And vet your managers, look through reviews, look at what kind of properties they manage and the condition that they’re in.

https://www.rentspree.com/blog/how-much-do-property-management-companies-charge#:~:text=Property%20management%20companies%20typically%20charge,fee%20if%20it%20is%20vacant.

In terms of a fair price, above is a great article about how much property management companies typically charge. Generally they charge between $100-200 per month. Most of the time they get paid by a percentage of the monthly rent price you charge or by a flat fee. Monthly percentage rate is typically 8-12%. So if your rent is $1,600 a month you can expect the fee will range from $128-$192.

How to find the right property management company?

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