If you own a rental property, you may find that the process of maintaining and managing the property has become untenable in the long run. Maybe you’re too far from the business to give it the attention it needs, or you can’t devote a lot of time to collecting and maintaining rent. In any case, it is essential that you find a reliable company to represent you and your interests while looking after your investment.
There are four basic methods for finding a trustworthy property management company. First, you can go with a personal referral. Talk to other successful real estate investors you know and see who they recommend. Also find out who they had bad experiences with. So you can get a pretty good idea of the landscape, even if you don’t end up choosing the same companies that your network members went with. For example, the referral you receive may not serve the areas where your properties are located.
The second way to go is to call the Michigan Association of Realtors. The MAR will be able to tell you which property managers serve the area in which your property is located. They may not be willing to offer recommendations for one over the other, but they will have contact names, addresses, and phone numbers. Many real estate agencies offer full real estate services and you will find many of them this way. When you call the real estate office, just ask for the property management division. There are, however, some dangers inherent in choosing a real estate agent as your property manager.
The third way to find this service is to use a simple Google search. The first listing on Google is All Property Management, and Michigan’s link for that is http://www.allpropertymanagement.com/search/michigan-property-management-companies.html. This will give you a list of companies and individuals in that field as well as the option to contact those managers for a quote.
The fourth way is to simply check your local newspaper or online newspaper. A search on MLive.com, for example, brings up several companies. Property management companies will often advertise here in hopes of acquiring new business. Although it can be a rather dodgy way to find a good prospect to work with, you will at least be assured that an active advertising company will have the capacity to take on new business, namely yours.