How to Choose the Right Private Property Management Services

Many private property owners struggle with the question of how to manage their private property & if you own property in multiple locations, it’s crucial to keep track of each one. This can be difficult to do on your own, so you may need to enlist the help of private property management services. There are many service providers out there, such as The London Management Company (, offering private property management.

But, how do you know which one is right for you?

In this post, we’ll cover the main services offered by a private property management company to help you decide which is the best fit for you.

Check the Feedback Offered by Tenants and Landlords

One thing you should always check is the feedback offered by tenants and landlords. For the best tenant retention rates, you should always work with companies that are able to satisfy tenant demands.

There are many websites that offer reviews on various property management companies. Once you get your list of suitable property managers, you will have to check their reviews online.

It is also possible to simply consult other landlords and find out what they have to say about their current property managers.

Be Clear About the Management Company’s Responsibilities

Before you hire a property management company, you have to find out what exactly they will be doing. Here are some of the most common tasks performed by property management companies:

  • Marketing the property
  • Collecting rent and deposits
  • Vetting tenants and showing them the property
  • Handling repairs on the property
  • Conducting inspections on the property
  • Handle any legal issues that arise regarding the property

While checking the company’s responsibilities, you should also find out what they will expect from you.

Find Out How the Company Screens Prospective Tenants

All companies screen tenants before letting them rent the properties. The point of this exercise is to ensure that all tenants are reliable, trustworthy, and responsible. Although you might want to fill up the property as fast as possible, getting the right people to rent the place will be extremely beneficial in the long term.

By checking how a company screens tenants, you will be able to determine the type of tenants who will be staying on your property. Also, you will be able to see whether the company discriminates against protected groups. As a landlord, you should aim at minimizing legal issues.

If you work with a company that has poor screening methods, you may end up dealing with tenants who don’t pay their rent on time. This will eventually affect your mortgage payments.

Also, the property managers should ensure that the tenants don’t have issues with drug abuse, excessive alcohol consumption, and violence. This will help to minimize police presence on the property, and it will eventually lead to higher tenant retention rates.

Check the Number of Properties they Currently Manage

Another important thing to consider is the number of properties the company currently manages. This will give you an idea of the level of experience they have. Also, you will have a larger pool of tenants and landlords to consult. If a company only manages one apartment, you may not get enough reviews to decide whether the manager is good enough.

Although it is usually better to work with companies that manage many properties, you should be certain that their resources will not be stretched.

Evaluate the Management Fees

Property management companies may charge a fixed fee for their services, regardless of the rental income collected from the properties. Others may charge a percentage of the rental yield, and this is usually between 8% and 12% of the total monthly revenue collected.

You should remember that the management fees may not be the only costs you will have to incur. Some companies will have hidden fees, and these include property vacancy fees, tenant finder fees, eviction fees, court cases, and viewings.

In most cases, the companies will give you a chance to negotiate the costs. For this reason, you should prepare for the meetings by figuring out how much money you would be willing to spend every month. In the negotiations, you may also have to compromise some add-ons. You can compare the rates charged by different companies before settling on one management company.

Read the Fine Print

You should also read the terms and conditions of the property management company. Remember that your property is a major investment, and handing it over to a manager without reading the fine print can result in serious issues. Make sure the terms don’t coerce you into providing things you would rather avoid.

Private Property Management Services Final Thoughts

Choosing a private property management service can be a tough task. To make the best decision, you have to look for recommendations from other landlords, check the tenant feedback, and find out what the management company will be doing. Also, you have to find out how the company screens prospective tenants, as well as the number of properties they are currently managing. Before you sign the dotted line, make sure you read the fine print.

Amanda Kremer