A vital aspect of your success is having the right team members in place to execute your vision. Property managers and investors should look for key elements in their residential property management service. The right property management service will save you time and money, but in order to find the best fit, you’ve got to interview prospects, make observations, ask questions, and follow your instincts.
1. Look for someone you can trust
Trust is the foundation of any business relationship, so find a residential property management service you can trust. Whether you are an owner of multi-unit properties or residential homes, trust is vital in your connection with a property management company.
2. Be deliberate about obtaining good referrals
Get referrals from people you trust. Ask others what they have been happy with, and unhappy with, when it comes to property management services. Research options by checking reviews on Yelp and Facebook, and find recent testimonies about the company to give you up-to-date information.
Look at the Better Business Bureau’s ratings, and be sure to check if complaints have been filed against the company you want to hire. Ask for a list of references, and visit some properties they manage to see how well they are cared for. And while you’re there, talk with current tenants and ask:
- How well maintenance requests are responded to
- How clean the building is kept
- How long they have lived there and how long they plan to stay
- If the property is pest free
- If there are any problems with neighbors or noise
3. Look for a company that manages properties like yours
Find a company with a plan in place to manage properties like yours—including leasing, maintenance, financial records and reporting. Look at the standard set of forms to fill out to get the process started, and notice if the forms are up-to-date and easy to submit. Ask for a sample of the type of reporting they provide owners, and find out how regularly reports are submitted.
4. Look for a residential property management service that responds to maintenance needs
Happy tenants usually renew their leases, and in order to keep tenants happy, maintenance needs to stay up-to-date. Preventative maintenance should be kept up with, and maintenance requests should be responded to promptly. Look for a company with a system in place for tenants to officially make maintenance requests. Ask how they keep up with preventative maintenance, and how they respond to emergency maintenance needs. A good residential property management company should have a list of vetted vendors for repairs and regular maintenance needs.
5. Look for a company with the appropriate education and experience needed to properly care for your investment and tenants
Find out what type of credentials the staff has. They should be licensed real estate agents. Are they certified with trade organizations such as the Institute of Real Estate Management, National Apartment Association, and National Association of Residential Property Managers? The staff of a good residential property management company should take continuing education courses or further their training regularly.
6. Find a company who handles rent collection well
Observe how rent collection is handled. Ask about how they deal with back rent, and what their eviction process entails.
7. Look for a company that markets properties well
Observe what type of marketing strategies are in place to market vacancies. Find out how they prepare your property to be ready to rent again. They should take pictures and make them readily available online for potential tenants to view. Check their rental ads to verify if they are compelling, and notice if they advertise well and in a variety of locations.
8. Look for a company that has a process in place for screening tenants
Matching the right tenants
to properties is no small task. Find out how they screen rental applicants. Ask who shows the property to renters, and find out their strategy for finding the best tenants to rent your property. Find a company who fills vacancies in a timely fashion and with the right tenants.
9. Look for a company with experience
Inquire about how many properties the residential property management service is currently managing, and how much experience they have at managing properties like yours. Make sure you are comfortable with the fees, terms, and management contract. Look for a company with five or more years of experience.
10. Look for property management service staff that will represent you well to tenants
Do the property management staff members act professionally? First impressions last, so notice your first impression and realize that will likely be a potential tenant’s impression too. Are you pleased with the way they present themselves? Realize they will be potentially representing you if you hire them. Ensure you hire honest, knowledgeable pros who will attend to your needs and the needs of your tenants. Notice how neat their office space is, find out what their portfolio consists of, and ask how long their average client relationship lasts.
While you interview potential property management services
Make sure you are comfortable communicating with the property management service, and that they are responsive to your questions, concerns, and interviewing process. Notice if they communicate effectively and often through your qualifying process. Don’t assume anything. Ask all the tough questions, and uncover the benefits and risks of each company you interview.
Screen your prospects
Just as it’s vital to screen tenants to locate the best fit, it’s important to thoroughly screen your prospects for residential property management services. Ask about their education, experience, and fees. Look at the whole picture, and trust your instincts when hiring a residential property management service.
McGraw Property Management and Leasing
