Tips to Help You Find the Right Property Management Company in Spokane

Jun 24, 2022 | 0 comments

As a rental property owner, one of the most important things to consider for the growth of your business is working with a credible property management company. Hiring the wrong property manager can lead to lost revenue due to increased vacancies. In addition, when planning to buy or sell a property in Spokane, WA, it’s advisable to work with a property manager to help you handle legal issues, rent collection, or vetting the tenants. 

According to iProperty Management industry statistics, over 300,000 registered property management companies operate in the US. However, that does not make every company suitable for your needs. Employing the right property management company will result in more consistent income and fewer property troubles.

Top Strategies for Finding the Right Property Management Company

Working with a professional property manager is crucial for your property’s growth or resale plan. In addition, hiring a credible and reputable property management company will determine your experience in the field, resulting in more or fewer investment plans. For example, if you hire an uncredited company, they may steal your tenant’s security deposits or home appliances.

Below are some tips on how to find the right property management company.

1. Request for Referrals 

One of the most effective ways of getting a reputable property management company is through referrals. You can inquire about their contact details from realtors, contractors, friends, property owners, or your real estate network.

After receiving several suggestions about the companies or property managers to work with, probe about their work ethic, weaknesses, and strengths before contacting the companies to gauge if you’d be interested in working with them.

2. Compare Several Companies

List several companies that impressed you, either through referrals or after doing online research. Then, contact each company through phone calls, emails, or personal visits to their offices.

When you get to visit their offices, be keen on how they manage their business. The offices should be presentable and neat, and the employees should treat you with respect. This process of comparing and contrasting will help you rule out companies that do not meet your requirements.

3. Communication is the Key to a Lasting Relationship

Before settling down on a company, look at their communication pattern. All your communication should be done in a timely and professional manner. For example, if it takes days before the company gets back to you after making an inquiry, they’re unlikely going to change after you sign a contract with them.

In addition, check out their online presence, their reviews, and how they respond to questions or comments on their social media platforms. Do not be afraid to scrutinize the company until you are comfortable.

4. Visit Properties Managed by the Company

You can request the property management company for a tour around properties they manage to gauge their work. If there’s trash, debris, or undone necessary home repairs around the property, that is a red flag for poor management by the company.

You can also ask to speak to the tenants to get first-hand reviews about the properties’ management before hiring the company. 

What to Look out For in a Property Management Company in Spokane

Spokane presents massive gains for real estate investors as the area offers an excellent quality of life. The area is becoming a top choice for property investment, attracting established companies like Amazon, resulting in Spokane being a hot seller’s real estate market.

With all the boom within the real estate industry, you may fall prey to scammers who may defraud you with a fake or a non-existent property management company. Below are some things you should look out for in a property manager or management company to ensure that you are working with qualified personnel.

1. Certifications and Licenses

A property manager and management company must have a real estate broker’s license or a property management license to conduct real estate transactions, including leasing and managing rental properties. 

License and certifications help you avoid hassles in the management of your property. A licensed manager and company have the technical expertise to get the job done. A few certifications you will look for include:

  • The National Association of Residential Property Managers focuses on small residential properties and single-family homes.
  • The Residential Management Professional shows they are done with the vetting and training process.
  • The Master Property Manager exhibits experience.
  • Certified Residential Management Company shows a company has demonstrated peak professional levels and has the Preferred Residential Management Company Position.

2. Credible Reputation

Before hiring a management company, make the company’s reputation a priority. An inexperienced management company can have you experience losses in your investments as you will have a high vacancy rate on your property.

Currently, it’s easier to vet a potential management company before working with them formally. For instance, you can use websites like Better Business Bureau(BBB) to check if the rating is B or higher.

In addition, online reviews on their social media platforms or Google will provide you with a broader scope of how the property management company is run.

3. Specialized Experience

If you are not well-versed with property management policies or the federal, state, and local laws, solo management of your property will be overwhelming. The laws and policies are complex, and they require someone with the knowledge to navigate through for the prosperity of the business. 

When hiring a property manager or a management company, inquire about their track record to prove they can handle all the variables of managing tenants and properties. In addition, look for someone who has experience in caring for your specific type of investment and can manage the housing units.

This is because residential properties differ from commercial properties. Working with someone whose experience is in managing small residential buildings may feel pressured when managing multiple housing units. 

Hire 4 Degrees, the Best Property Management Company in Spokane, WA

At 4 Degrees, we are a team of professionals who offer unparalleled services to our clients while positively impacting our society. We provide everything you have ever wanted in a real estate company, such as investing, managing, and selling real estate properties.

If you are looking for a property management company in Spokane, WA, 4 Degrees is the place to be. Contact us today to learn how we can help you manage your properties.