With the current boom in the real estate business all over DC, more and more property owners are finding it difficult to effectively manage their investments. As a result, there is a new class of individuals who specialize solely on property management in DC.
It said that each market has its own mad man. With this influx of more investors in the real estate industry, there has also been an unprecedented increase in the number of fraudsters who masquerade themselves as genuine property agents.
For those who may not know who a property manager is, then keep on reading as this article will shed light on a few things regarding this trade. Firstly, a property manager is an individual (the owner of a second party) who is in-charge of overseeing the smooth running of a rental home or office building. They collect the rent, manage repairs and handle any complaints lodged by the tenant(s).
As stated earlier, as much as you may need the professional touch when it comes to running your property as an investment, you need to be careful about whom you leave in-charge. You cannot afford to make any mistakes as it may cost you a lot of money. Below is a simple guideline of how you can land the ideal company for your property management in DC.
Ask For Referrals
This can simply be achieved by asking any real estate agent near you or by asking your close friends and neighbors for any good referrals. Ask them to give you the contacts of those companies or agents they have used and have been satisfied with their work.
Carry Out A Quick Search Over The Internet
You can search for these professionals over websites which are solely dedicated towards connecting these professionals and any prospecting clients. The good thing about doing an online search is that you are able to do a background check on them even before calling them up for an interview as some of these companies also have social media accounts such as face book, twitter and so forth.
Check Out Any Of Their Past Or Current Work
This is critical as it is said that you can tell a lot about a man by judging his actions. Once you get the referrals and you have come up with a list of the promising companies, it is time to check out which other projects they are currently managing or have managed so as to get real time data regarding their performance.
Interview The Top Five Candidates
It is prudent to interview at least five management companies or agents at the end of the day. During this stage, try and ask as many questions as possible and remember to also ask for any relevant documents such as licenses and insurance cover, where applicable.
You should also question them on the current laws and regulations when it comes to renting or leasing of such properties. Ask about their academic qualifications and how many years of experience they have behind them. When observed to the latter, this list will definitely prove helpful into making property management in DC a walk in the park.