Transparency is a state in which business and financial activities of your rental company are done openly, without secrets, so that you can have trust in the property manager. You need to strike a balance between the need for transparency and respect for privacy. Many real estate investors place vast amounts of faith in a property manager when hiring them. There have been times when owners have experienced their property managers have collected rents and not reported it.

If you want to reduce risk and establish a trust, you should read reviews for the property management company you want to hire. If you only find a few reviews and the company claims that they have been in business for an extended period, beware. If a business doesn’t have good reviews from those they've worked with, or if they don't place an emphasis on customer satisfaction, they are not likely not to provide exceptional management.

It’s also essential for you to find out the level of their professionalism, by speaking with current and former clientsif possible.  This will assist you in gaining a better understanding of the transparency of the organization. Are their other clients satisfied with how they were treated, the level of communication, and the cost for the services provided?

After you have found that the property management company has a proven track record of great reviews and outstanding services, you need to next learn about their maintenance capabilities. Maintenance is one of the biggest expenses that a rental company may encounter, so it’s also one of the biggest potential risks, if not handled properly. A property manager is great to have, as they will have the best resources for maintenance capabilities.

You need to find out if the property management company has their own maintenance department. Do they offer an in-house turnover crew, or subcontractors with a proven working relationship, to get units ready for quick showing? Are the maintenance personnel full-time employees? If not, find out who they use, and how they have chosen who they sub-contract the jobs to.

If the property management company that you have chosen is transparent and has strong maintenance capabilities, the last item that you should consider, is to make sure the company has a limited scope of practice. Don’t hire part-time property managers as their resources are limited. Real estate agents that handle sales will be tempted to start managing properties as well, as their clients often also inquire for help finding a property manager or ask if the realtor provides management services themself.

It is highly recommended to every owner looking to rent their properties, to choose property management companies that are primarily focused on property management.