Owning a property to rent in New Orleans proves to be a rather sustainable way to facilitate consistent income. Furthermore, investing in rental homes can help improve your personal portfolio through real estate holdings. If you own a rental home in a different city or own more than one, its care and maintenance tend to become time-consuming and logistically difficult. The following tips will enable one choose the right property manager in New Orleans
Is the manager Licensed?
Make sure the New Orleans property management company you hire have undergone the approved courses and passed the state licensing exam. The person managing your investments should either be a licensed property manager or a property manager in charge. The later means that he or she can run a company and hire licensed individuals. The licensed holder needs to adhere to state-regulated norms with regards to handling your security deposits and rental incomes.
Can they Give References?
Make sure you take out time to look at those properties that are currently managed by the manager you are considering. Request for the locations of a few of the homes or apartments that they are responsible for and survey them. Check if the properties in question are in good condition and whether or not you would personally like to live here.
How much is the Property Management Services Fee?
Is the fee they are quoting reasonable? While there is no market standard, depending on the area in New Orleans where your apartment or home sits, you should be paying about 8-10% of the monthly rental amount as management fees.
What Services do they include?
Make sure that the property manager in New Orleans is inspecting your real estate investments on a regular basis. They should be checking on the inside at least once every year and the outside once every quarter. This depends on your tenant turnover.
Recommendations always work
Consult with your family and friends when you begin a property manager search. They would rather give you the reference of some reputed management agencies in the market. You can search these agencies on the web and know more about their services. To save few pennies, hiring non-specialists may cost you more money than you were ever anticipated, thus choosing wisely is crucial. Prefer to meet the property manager in person and clear all your doubts that you might have regarding a good property management scheme.
Be on the safer side
If you want to find a good property manager in New Orleans, avoid wasting time by calling too many agents. Instead, try to cut down the big list and meet three to four agents out of the chosen one. Choosing a reputable property manager ensures you were handing your property duties in right hands and the manager would be answerable to the vacant rates, maintenance costs and all such expenses which can come on a property supervisor way.
Finally, also check with the company about their eviction rates. A higher rate is an indicator that the company is not screening the rental applications extensively. Also, assess how the repair and maintenance issues are handled and the time frame and procedures adopted for the monthly and annual accounting of funds. With a bit of research, you will be able to find the ideal managers for your properties.