What to Look for in a Property Management Company

When it comes to managing and caring for a property, it can often be difficult to decide who you should contact. The right Property Management Company can make property ownership easy and straightforward. Here are a few things to look out for when selecting a Property Management Company to handle your property.

1. Experience and Reputation

The most important thing to consider when choosing a Property Management Company is the reputation they have in the industry. Ask around and do some research in local forums and neighborhood reports. A reputable and experienced Property Management Company will have lots of positive reviews.

2. Lease Turnover

A Property Management Company that handles lease turnovers quickly and efficiently will be great asset to you. The faster a property is rented out or sold, the less time it will sit empty. A good Property Management Company will know how to handle lease turnovers and know where to look for good tenants/ buyers.

3. Professionalism and Respect

A good Property Management Company should be professional and treat both tenants and owners with respect. They should have a good attitude, show up on time for meetings, and be willing to speak the truth. They should also demonstrate a good work ethic and be ready to help out when needed.

4. Services Offered

It is important to know what kind of services a Property Management Company can offer you. Ask about the services they provide and find out what kind of flexibility they offer. Look for a company that can provide amenities such as online payments, online access to rental listings, tenant screening, and other convenient services.

5. Maintenance and Repair

Property owners should make sure that the Property Management Company they hire is able to handle maintenance and repair issues in a timely manner. Find out how often the Property Management Company visits the property and who is responsible for taking care of any maintenance or repair problems that arise.

6. Relationship with Landlords and Tenants

The best Property Management Companies will strive to maintain a good relationship with both landlords and tenants. They should be looking out for both parties’ best interests and ensure that everyone remains in compliance with local laws.

7. Tenant Screening

The Property Management Company should have a thorough tenant screening process in place to protect the properties and tenants. They should ask for detailed background checks, credit reports, rental history, and proof of income.

8. Communication

Make sure the Property Management Company is willing to have an open line of communication with both tenants and landlords. They should be willing to answer questions and address any concerns in a timely manner.

9. Pricing and Fees

Find out what fees the Property Management Company will charge. Make sure they are transparent and that you understand all of the charges. The company should also be willing to negotiate and work with you to find an agreement that works for everyone.

10. Flexibility

The Property Management Company should be willing to work with you and be flexible in order to provide you with the services that you need. Ask them about their policies and procedures and find out how much freedom you will have to make changes.

11. Technology & Reports

Technology plays a big role in Property Management. Ask the Property Management Company about the types of technology they use and what kinds of reports and data they will provide you with.

12. Property Insurance

A Property Management Company should be able to provide you with the necessary insurance in order to protect your property and investments. Make sure that the company is properly licensed and insured and that they understand the importance of proper coverage.

In Conclusion

Selecting a Property Management Company is a decision that should not be taken lightly. Be sure to do your research and evaluate each company that you are considering. Make sure the company has a good reputation, experience, and provides all of the services you need. Find out what their fees will be, and ask about their policies and procedures. The right Property Management Company can make all the difference in making your property ownership a success.

What qualifications do property management companies have?

Property Management companies vary in the qualifications they hold, but typically they are staffed by experienced professionals who have a range of different qualifications. Common qualifications include certifications in property law and management, specialized certificates in rental management, finance degrees, and Real Estate licenses. Additionally, many companies employ Certified Property Managers® who have achieved the Certfied Property Manager® designation from the Institute of Real Estate Management.

What types of services do property management companies offer?

Property management companies typically offer a range of services, including tenant recruitment and screening, collecting rent, handling repair and maintenance requests, dealing with tenant complaints, ensuring compliance with local rental laws, developing tenant policies, preparing financial statements and conducting regular property inspections. Other services may also be available, depending on the particular company.

What services does a property management company provide to tenants?

1. Maintenance services – Many property management companies provide maintenance services such as emergency repairs, lawn care, and snow removal.

2. Payment processing – Property management companies can collect and process rent payments on behalf of tenants.

3. Tenant screening – Prior to leasing a property, property management companies may also take care of conducting background checks and credit reports.

4. Lease management – Property management companies can manage leases and rental agreements for tenants.

5. Legal services – Property management companies can provide legal advice for tenants if they are having difficulty understanding the terms of a lease.

6. Compliance – Property management companies can ensure that all of the tenants meet local and federal regulations.

7. Local resources – Property management companies often have local contacts that can advise tenants on their available options for services such as security, waste disposal, transportation, and more.