Finding the right company to manage your property investments is an important process that takes time and consideration. You can’t hire the first company that promises to make you a profit. You need to shop around and make sure that you’re truly in good hands.
If you’ve never hired property managers before, you may be a little unsure about what you should be looking for. Here are some key things to consider when choosing a property management company.
Before anything else, you want to confirm that the people managing your properties are licensed and certified to do so. If you’re unsure, go ahead and ask to see any necessary credentials. Also check to see if they are a part of any certified trade organizations. These organizations typically need proof that they are licensed and certified before joining.
The years of experience they have under their belt is another important factor. How long have they been in the business? Are they a new start up with no clients? Have they done any real estate work before? A company with several years of experience is going to have the knowledge to steer you in the right direction.
Next, you’ll want to research the services that are offered. Understand what it is that you want from your property manager and then see how each company compares.
Here are some of the essentials:
- Effective process for settling and collecting rent. This process should make things easy for both you and the residents.
- Vacancies should be eliminated quickly and without fees.
- A simple termination agreement. They shouldn’t make discontinuing service with them extremely difficult or full of penalties.
- A streamlined system for handling maintenance repairs as quickly and efficiently as possible
- Tough screening process that’ll guarantee to deliver world class residents
- Top of the industry technology. If a company hasn’t managed to start using technology for everyday tasks, like paying rent or accepting applications, then it most likely isn’t keeping up with its competition.
Many companies will nickel-and-dime you for every little thing or charge high prices without the quality service to back it up. It’s ideal to find a company that charges less while also offering several services. Ask about everything they charge for. What are their property management fees? Do they charge you vacancy fees? Do they charge minimums? Does their business continue to prosper even when yours doesn’t? You don’t want to work with managers who will charge you a fee every chance they get. You want a company that is only getting paid when you do.
A company’s overall reputation is a great way to understand what kind of work they do. If you know anyone who has worked with the company, ask them about their experience. Ask the company for their references. Do your own research as well and check their online reputation. Look for a company that has several positive online reviews. Check to see what their online presence is like. Are they active on social media? Is their website clean, professional, and updated?
Your managers will be running your properties and playing a huge role in your overall success. You will need to work closely with the company to make sure you’re both on the same page. This means your property managers need to have excellent communication skills.
Contact them and notice how long it takes them to respond. Do they give you the option to call, text, or email at any time? Do they also have options on their website to make requests and provide you with all necessary information? They should be authentic and transparent about everything from the beginning. Make sure they know how to answer all your questions and make things clear and easy for you to understand.
DEDICATION TO RESIDENTS
A property management company should be serving the residents just as much as they serve you. It’s important that they show a commitment to keeping residents happy and well taken care of. They should communicate with them often, help address and resolve any issues, and provide them with the right tools to be great residents. If your management company can’t keep your residents happy, you’ll find yourself with constant vacancies.
COMMITMENT TO SUCCESS
Finally, your property management company should be just as committed to your success as you are. They should be passionate about their work and driven to provide you with results. The right property managers will work to earn your business every day. Your success should be their success as well.
If you are going to hire a property manager, you want to make sure they are the best possible managers for you. Don’t skip out on doing your research. Learn about your options and what each one can offer you. This is your business and your success should be just as important to them as it is to you.