Congratulations! You’ve made the decision to hire a rental property management company for your rentals. As we’ve discussed before, the decision to take this step was surely influenced by many factors and we know that you made the right one.
But once you have made this decision, there is one more important choice waiting for you: What rental property management company is the right fit for YOU?
There are a few ways to determine which company is the right fit, and it isn’t just about fees and your bottom line. Your rental properties are long-term investments that require a healthy and lasting relationship with your management company. Before you sign any contracts, be sure you ask the right questions.
Here are four questions to help you hire the right rental property management company:
- Can you find the company’s website easily? Today, the majority of renters use the Internet to start a rental property search. So if you can’t find a rental management company’s website easily, potential renters won’t either! Make sure that the company you are considering has a website that is easy to find and easy to use. The best ones will have made the appropriate investment in their online presence because they know that, for many renters, an Internet search is their first step in the door.
- Is the company appropriately staffed? Property management requires an acute attention to detail and can be very time consuming. From marketing properties to signing leases to facilitating maintenance repairs to processing payments, your management company will be doing a lot for you. If you can, interview the company in person. You want to make sure that the company has the staff available to ensure that your property is appropriately managed. Really listen to what a company says about its staffing. Generally, you don’t want the person handling the direct management of your property (your portfolio manager) to be the same person who handles all the administrative tasks for the office. Understand if the company has the staffing necessary to handle rental inquiries and account processing in a timely manner. Does it start advertising properties on notice from existing tenants to minimize your vacancy time? Remember that rental income is time sensitive and if the same person who handles your property is also juggling many administrative tasks, he or she might not have much left to put the appropriate focus on your property. Be sure that the company you choose can give you the time necessary.
- What do others say about them? A quick Google search will help you find chatter and reviews on property management companies. From the business’s page, you can read the comments submitted to see what clients like most and their experiences. Make sure, before you decide on a company, to read feedback from people. As the saying goes, “You get what you pay for!”
- How much attention do they give to your property? The best rental management companies will give impeccable service and detailed attention to your specific property and treat every client with the same respect and professionalism. Your property should be thoroughly inspected by an experienced portfolio manager before each tenant moves in and during the course of the lease. Ask the management company if it provides photos and videos during this inspection process. Know what standards to expect, as well as timing, to ensure that your property remains in good condition, and hold the company accountable to its procedures. It should be able to send photos and reports of the condition of the property once or twice a year. Be sure to understand how the company resolves issues that are discovered.
The management company should devote exceptional time and care to your properties not only in response to current renters needing property assistance, but also every time the tenants change. Know how long it takes a company to “turn” a property once a renter leaves. How detailed is it in presenting your property to the next tenant? You will always get a better tenant if your listing is presented in immaculate condition, if there is a walkthrough after work is done to ensure all work was properly completed, and if the property is completely ready for move in. Make sure the management company you choose can do this.
Hiring a qualified and knowledgeable property manager is the best way to limit risk exposure, avoid hassles and enjoy a healthier bottom line. But it only works for you if you pick a company that has a professional website, good reviews and the staff to give your property time and detailed attention.
For more information about how Sweyer can meet all your rental property needs, please give us a call at 910.256.3031 or reach out via our website.