If you’re an investor, knowing that you have a good property management company behind your back is very reassuring. However, choosing the right company can be a bit tricky as they all make the same promises. Unfortunately, not all of them deliver the quality of service that they promise. Here are some tips on how to choose the right property management company:
1. Profile Check:
The owner of the company should be experienced in the real estate industry. It would be ideal if the owner were a real estate broker, someone who represents buyers and sellers and knows what their needs are. Check their profile and see if they belong to any property management organizations.
2. Advertising and Screening
Great companies always develop effective advertisements and campaigns. As for property management companies, you should also look for a company that has a proficient tenant screening procedure. Here are a few questions you should ask:
●What are the things featured in their ads?
●Are their ads convincing enough to persuade you?
●How do they stage the rentals?
●What is their tenant screening procedure?
3. Great Customer Service
As the company’s client, you should be prioritized and treated properly. Great customer service means that you’re able to get in touch with them whenever you have inquiries or need their services. You should be constantly updated and informed about the progress, current rental rates, and other necessary details.
4. Good Relationships
Along with good customer service, the ideal company should always maintain good relationships with its customers. A good company keeps their tenants happy and responds to their requests for maintenance services, resulting in low vacancy rates. Find a company that treats their customers right.
5. Vacancy Rate
Low vacancy rates mean that tenants are satisfied with their services and the company is doing what they can to provide good services. This also proves how effective they are in marketing and advertising property. Find out their vacancy rates in relation to the number of properties they handle.
6. Annual Inspections
Good property management means ensuring the quality of service they provide is consistent for every rental property. A good company should conduct annual inspections and produce detailed reports about the conditions of the properties.
7. 3 References
It’s important to do your own research, but it’s also very helpful when you talk with the property manager personally. Talk about management styles and ask questions that reveal their priorities for the clients. More importantly, read the management agreement carefully and don’t be afraid to ask about the details like the duration of the arrangement.