Property management companies are in the business of helping landlords manage properties smoothly. They collect rent and even do repair and maintenance on behalf of the landlord. This means that landlords will have an easy time and simply look forward to going to the bank. There are several things to consider if you are courting the idea.
You should consider hiring a property management company if:
- You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you’re likely to benefit from a management company.
- You don’t live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
- You’re not interested in hands-on management. Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
- Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if landlording isn’t your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.
A landlord should also note that the tenants come first no matter what. This means that they should go for a property management company that clearly understands its duties and not one that will harass the tenants. There are things that good tenants and all property management firms should note these.
1. Good tenants hate unclear rules
Your lease should clearly spell out anything your renters need to know. If you’re expecting your renters to read your mind, you will both be disappointed. It is always best to be clear about expectations up front.
2. Good tenants hate being disturbed.
If you need to stop by, or send anyone over to the property, it is essential that you give your tenants fair warning. If you manage a multi-property unit, it is imperative that you deal with noise complaints immediately.
3. Parking Issues
Again, this is often more for multi-unit properties, but you might be surprised to know that parking issues rank right up there with noise complaints in terms of driving good tenants crazy.
4. Slow or ignored repair requests
Trust is a two-way street. While you expect your renters to pay you on-time, they expect you to keep your word. If you promise to send someone over to take care of a maintenance issue, follow through! Failing to take care of repairs promptly and predictably will absolutely drive great renters to seek other housing opportunities.
So how does a landlord decide on which property manager to hire? There are qualities that they should check for. First of all a manager should display great leadership skills. A good property manager has a good team behind them. They also have standard operating procedures. People without procedures will harass your tenants.
The right property management company will help guide your community to a successful future. When interviewing potential property management companies, ask not only who your manager will be, but who will be supporting him or her. A skilled team of experts in various fields including HR, engineering, training and accounting support each property manager with advice and best practices in order to deliver the best service for your property.
2. Standard Operating Procedures
The best property management company should have proven operational procedures, which have been developed through years of experience. You will want to ensure the company has standard practices they put into place for every community or building they serve. These operating procedures should include preventive maintenance programs, a full audit of all contracts and vendors, a transparent financial system and budget, and solutions that enhance the value of your property, as well as the lifestyle of all the residents in it.