5 Qualities to Look For in an Exceptional Property Management Company
Anyone who has attempted to take on the title of “landlord” knows how time-consuming and stressful it is to manage a property. This is where an amateur property management company can help take on daily tasks and let your property act as the passive income you intended for it to be.
How do you identify an exceptional property management company? Let’s take a look!
What To Look For In A Property Management Company
Flexible Business Structure
Every investor and property owner has a different set of needs and requirements unique to their situation. When looking for amateur property management, find a company that offers management options – from do-it-yourself to set it and forget it.
An exceptional property management company will offer services that can be tailored to your situation. Whether that means the property management company handles leasing and the tenant and you cover the maintenance, or the property management company does it all from A to Z and starts over when needed.
Do your homework on management fees in and around your area. You want to ensure that the company you choose has reasonable fees and doesn’t take a large percentage of the rental income.
Find a property management company that will offer custom quotes based on your profit margin and services required. Even if the contract mentions fees, many companies will tactfully name additional fees. A great amateur property management company will list all fees before you sign the contract to ensure complete transparency.
Professional Reviews and Experience
When searching for the right property management company for you, read the reviews for real customers! Look to see if the reviews mention specific people within the company and how their specific situation was resolved. See if that particular company takes the stress out of being a property owner or investor.
Once you’ve made a shortlist of companies, ask each of them for proven records of success. Ask questions like:
- How do they manage tenants?
- How long have they been in business?
- Do they know the market area and have strategies for each?
Find a Local Amateur Property Management Company
You want to work with a non-franchise local property management company that knows the area inside and out. This will ensure a tuned-in and consistent property manager who can screen tenants and offer insider information – giving your rental a great reputation among current and future tenants.
To ensure the company cares about its local community, search the website for local charities or businesses it supports. Does the company donate to local charities in the cities and towns where it operates?
Technology That Supports Investors and Tenants
If you hire a property management company, you want them to have state-of-the-art technology that makes life as easy as possible for all parties involved. Look for a company that offers 3D virtual tours, contactless showings, and unmatched support.
The real estate industry is growing at a rapid speed, which means problems are likely to occur during quick adaptations. This is one of the main reasons property owners and real estate investors are looking for top-producing amateur property management companies. A great property management company could be the difference in your rental thriving or foreclosing. It’s vital to choose a company with the qualities listed above.