Suppose you’ve made the decision to hire property management–congratulations! You’ve taken an important step toward work-life balance as a landlord while accessing the ability to grow your property investment business because of the help we can offer.
However, just deciding to hire a property manager is not quite enough: you have to find a great one who will meet your needs! While you will always be able to trust your instincts on a variety of fronts when it comes to selecting who to do business with, here are some particular areas in which to focus when selecting this important partnership.
Note the Professionalism and Prize It!
The attention to detail and care that a property management company puts into their outward appearance is a good metric you can use to evaluate how they are likely to treat you and your future renters. They earn your respect by taking care of the small details and always being on top of the challenges of managing properties, after all. Start with the office: is it tidy, organized, and well-run? You can see whether the team seems to function well and mesh together or are at odds with each other even in a short meeting to learn more about the company. If they all seem well-trained and able to find what they need to do their jobs, that speaks highly to the quality of the company.
You don’t have to visit their office to note whether or not they are professional. What about their marketing materials? Consider whether they have thorough, easy-to-read, polished documents that they can share about their own business and the properties they manage. This kind of attention to detail helps you feel that they’ll put their best foot forward with your own marketing materials if you sign up with them.
Note any distinction between their services and information on their websites and what they tell you on the phone or in person. Discrepancies can mean that they don’t update their website very often, and if the website itself doesn’t look professional and modern, they may be neglecting it somewhat. That isn’t always a dealbreaker, but a modern website that contains accurate information should be a high priority: their site is a major hub for your potential and current renters.
Have They Entered the Internet Age?
While pretty much every medium or large property management company will at least have a website, they may not be using it to the fullest. You want to look for companies that go above and beyond, taking advantage of the tools available in the modern marketplace to make renting easier than ever before.
Modern property management software makes it possible to have renters pay online. Rent collection is always a complex issue, and property management software has been shown to be effective since most people are spending quite a lot of time online; no more rummaging for a check and an envelope and a stamp, just click and pay. Rent collection online also enables email or text alerts so that people remember to pay rent on time, reducing the stress of late or missing payments for your rentals.
In addition to rent collection online, many property managers have an online portal for renters. This system can serve as a communications hub, where information from landlords or property managers can easily be pushed to all the correct people, and renters can review past messages. These systems also include a maintenance and repair ticketing system often, which allows the property management staff to prioritize and fulfill all requests in a timely manner with nothing falling through the cracks.
As you can see, a website is just the beginning, but online marketing is also important. How do these property managers use social media or online listings sites to make sure that renters find theproperties they manage and apply to live there? A robust online marketing strategy keeps vacancy cycles short and helps everyone get the profits they seek.
What Do References Say?
Beyond these elements, you’ll want to talk to another landlord or two who work with this property management company—you may only want to do this for the property management company you are most interested in, at first, since it can be a little time consuming, but a fellow property owner will be able to give you reference information you can’t get elsewhere. If they can 100% vouch for their property management team, you can feel confident moving forward.
Rely on Us—We’re Ready to Exceed Expectations!
Reeder Asset Management is ready to be measured by the standards we mention here, and we believe you’ll be so impressed that you’ll be willing to be a reference to future property owners after your experience with us! To learn more, check out our guide today and get in touch with us.
Reeder Asset Management on April 15, 2021