If you’re interviewing an Albany property management company, one of the questions you should always ask is – are you licensed? Today, we’re talking about property management companies and the differences between them.
Property Management Albany: Licensure
At Real Capital Group, we are a property management company that’s licensed by the state of New York. We’re a licensed real estate brokerage, and we are licensed Realtors. A lot of property managers are part time property managers. Instead of full time professionals, they are home inspectors or plumbers who take care of properties on the side. Sometimes, an owner will explain that a contractor is managing a property. That’s not legal.
Property Management Albany: Insurance and Compliance
To exist as a property management company and to legally collect rent from tenants on behalf of an owner, you need to be licensed. We have the proper licensure and the proper insurance. This is incredibly important, so if you’re talking to potential property management companies and you’re thinking about hiring one, always make sure they are licensed. Make sure they have insurance, they understand the state, federal, and local laws, and they work to stay compliant.
Property Management Albany: Due Diligence
We have heard a lot of stories from a lot of people who have lost a lot of money by using unlicensed property managers. You have to do your due diligence before you hire someone. If you hire the wrong person, you can end up losing money and facing the consequences. Please take the time to do your due diligence. I get the calls after the fact, and I’m always sad to hear the stories from landlords who made the wrong move. Check into the property manager you’re going to hire.