Management Services
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Before you decide which, one is best, it is important to understand what a property manager is and does. Property managers can be an individual or a firm that takes over daily rental operations for a fee. Thus, these professionals take over when the owner cannot attend to landlord responsibilities or simply does not want to. Some of these responsibilities include:
Modern technology puts vast amounts of information at the fingertips of owners in need of professional property management. Therefore, the best way to start looking is a simple Google search. This helps narrow down prospective property management companies and focus on the ones that could work for you. Then, from your shortlist, take a careful look at each property management company’s website for these key pieces of information:
When it comes to effective property management, understanding the local market is critical. However, this goes beyond local competition to determine pricing. So, the best property managers have proven local experience such as
Each jurisdiction may have specific laws that govern rental properties. That said, these may include rental licensing, inspections, or lead certification.
Filling vacancies efficiently comes in part from understanding who your tenant pool is. For example, is the area popular with students? Is your property likely to attract a family? So, knowing who is looking in the area helps managers target their marketing efforts for maximum exposure.
Every rental will need repair or maintenance eventually. That said, it is important to partner with a manager with established vendor relationships. Therefore, meaning your property can receive the attention it needs promptly.
Managing rental property involves a lot of communications and record keeping. The property manager you choose must have the processes and technology to handle the vast administrative demands. The best property managers are organized, efficient, and handle records with as little paper as possible. Electronic or “paperless” systems are more secure and accurate than traditional paper copies. So, a company that is up to date on technology is a huge benefit for owners.
An ideal property manager is someone who is flexible and experienced enough to handle a wide range of property issues. Therefore, test candidates by asking them specific questions that assess their skill set. These talking points may include:
Sometimes the best property managers are the ones referred by friends and colleagues. So, ask anyone you know who works in real estate or property management if they know of anyone who may be a good fit. Word of mouth is still compelling when it comes to finding a quality management company. After all, if a property management company has a bad reputation, the chances are that message has spread amongst industry professionals. In addition to referrals, check the state’s Real Estate Commission and the Better Business Bureau to ensure the prospective property manager has a license and no complaints against them.
Ideal unit descriptions describe the unit accurately but with enough detail to grab the reader’s attention. Anything with grammatical errors or over-exaggeration that rings untrue should raise a red flag.
Pictures are worth a thousand words and as prospective tenants scroll through listings, grabbing their attention is critical. The pictures make viewers click on the listing and want to know more.
Virtual tours have gained popularity during the COVID-19 pandemic, but the benefits extend far beyond lockdown restrictions. Virtual tours allow applicants to view the property’s full potential anywhere and anytime, conveniently online.
Most states require property management companies to have a real estate broker’s license or management license. A licensed property manager has gone through an approved property management course and passed a state licensing exam. This means they have an added layer of knowledge to help owners navigate their business needs.