Having a property management company professionally manage your home or apartment is an excellent decision that can save you time and increase your returns. Choosing the right property management company will have a huge impact on your success as both a landlord and investor. Here are some guidelines for what to look for when interviewing potential managers:
Reputation and Results
Before you start making phone calls and setting up interviews, check out the potential management company’s reputation. Find out what current and former customers have to say about them. Go online and check their client testimonials and reviews. Then, reach out and talk to people in the real estate and property management industry about their experiences with property management companies and who they would recommend. Look for property management companies that belong to professional associations like the National Association of Residential Property Managers (NARPM), so you know they meet industry standards. Good reviews and professional accreditations will tell you if a property management company gets results. If the company you’re looking at achieves above market rents or maintains a vacancy rate lower than the area average, you’ll want to contact them right away.
Procedures and Processes
Next, ask plenty of questions. Successful property managers have consistent and effective procedures and processes that make working with them a breeze for owners and tenants alike. Potential managers should be able to explain how they prepare your property for the market, advertise, and schedule showings. Have them also detail how they conduct tenant screenings, handle maintenance requests, manage security deposits, conduct regular property inspections, and collect overdue rent. Finally, double-check that their operations are compliant with local, state, and federal laws. You must be confident in the property management company you choose, as they will be protecting your investment and earning you revenue, so go with a property management company you know you can trust.
Communication and Technology
Communication between a property manager and property owner is the backbone of a rental investment relationship. Find a property management company that communicates well with current and prospective tenants as well as vendors. To help you stay up to date on the condition of your property, make sure that the property management company is utilizing the latest technology for communication and transparency. Good property management companies provide an online portal where you can approve repair invoices, check your statements, and see how the property is performing. They should also provide tenants with an online portal when they can access their own online accounts to request maintenance work, pay bills, and contact the property management company if needed. Getting in touch with the property manager should be quick, simple, and easy either online or by phone for both the owner and the tenants.
You hire a property manager to take care of one of your most valuable assets, so conduct a thorough screening to choose the right management company for you and your property. The company you select should have a reputation for honesty, transparency, and reliability.
For any questions about choosing the right property management company, please contact 208.properties today.
