As the global economy sank into recession several years back and job loss became a reality for many families, some discovered the benefits of using property to earn a passive income. In some cases, families opened up guest rooms and granny flats to take in boarders as a way to supplement their income and stave off foreclosure. But with real estate prices and interest rates plummeting, those with a little extra cash found even better ways to boost income by purchasing low-cost properties to use as rental units. And the result has been increasing numbers of savvy landlords using their properties to earn a living. Of course, you may also own commercial or industrial properties. Or you may have a variety of real estate on the books adding to your monthly income. The only problem is that you might not have a very good handle on how to manage these properties. If this is the case, you could find yourself in need of a good property management company.

Choosing the right property management company for your real estate interests is not going to be too difficult as long as you have some criteria in mind. A good place to start is by asking for referrals. If you happen to have family members, friends, or colleagues that own multiple properties, simply ask them if they know of or use a good management company. In all likelihood, they will also have suggestions pertaining to which ones you should avoid. If you're having a hard time getting referrals, you might contact your local Chamber of Commerce for approved listings. Or you could check out the options on Yelp, just to get you started. With consumer reviews, it's bound to be more helpful than the Yellow Pages.

Next, you need to set up consultations with the property management companies you're interested in hiring. And you should come prepared with pertinent information and a list of questions. They're going to want to know how many properties you own and what type they are (residential, multi-family, commercial, industrial, etc.), as well as the locations. They may have questions concerning the current state of the property and they'll probably be interested in existing tenants. On your end, you need to know if they've managed your type of property before, what kind of services they provide, and the method they use for billing, which is to say, whether they charge monthly, by service, or a little bit of both.

Of course, you may also own properties in several locations across your state, the country, or even the world. And rather than hiring multiple management companies and learning to cope with their particular practices and policies, it's probably a good idea to find one vendor that is capable of handling all of your real estate interests. This might not be easy to find, but there are companies that have branches all over the place or that are willing to subcontract on your behalf. Finding a reputable and reliable property management company like Utopia Management isn't hard, but the onus is on you to make sure that you find the right service provider for your particular properties, one that is capable of meeting your needs, as well as your budget.