How are you finding the best tenants for your Silicon Valley rentals? Do you manage these properties yourself?
One of the most critical success factors with rental property investments are finding qualified, seasoned property management company to help you realized your passive income goals. Even before you have located your ideal investment property, it’s wise to find a decent Property Management company.
The selection of a Property Management company should be based on these critical success factors you have designated for you Rental Property Investment. Top 4 criteria we use in identify a right Property Management company are:
Tenant Screening Services: Finding the right tenant is 90% of the battle when it comes to creating reliable stream of income. In fact, in the past we have selected the tenant by offering them lower rent than others who would be willing to pay full price.
So, you need to ask this company what kind of screening they utilize to find the “right” tenant for “your” property. It’s smart to use a company that will conduct extensive background checks on your potential tenants; including Employment, Credit Check, Rental References (Current and Past).
Low Monthly Fees: This is critical to the success of your Rental Investments in that market cause the fee you pay for property management is a direct hit to your ROI.
Vacancy Rates: Ask for the vacancy rate of the properties they have been managing to measure how effective they are in marketing vacant properties for their clients.
References: Request for a list of past and current clients and contact them to inquire about their experience with this Property Management company. Also, check with the local Better Business Bureau to see if the company has been received any complaints.
Finally, schedule a conversation with the Property Manager who will be personally manage your home and interview them on Skype.