When choosing a property management company, there are a lot of great options in this area, so it stands to reason that it wouldn’t be hard to find the right one for you. This can be a deceiving thought, however. The truth is that this decision can have long term consequences when it comes to the overall success of your property rental business. Having the right property management company for your needs is literally worth its weight in gold, while the wrong choice can cost you dearly down the road.
You shouldn’t be deceived by a lot of flash and flare when it comes to choosing a management company. Choose based on logic and common sense, and you will choose the best match for your needs. Look for these essential qualities and you’re sure pick the management team that’s perfect for you.
If your property management team is going to be able to successfully handle your needs they must be proficient in communication. Communication between the owner/investor and the tenants who live in their properties is essential for everyone to be happy. Managers are the middle men in this vital commutation flow and, as such, they must be able to communicate effectively with both sides at all times and in all matters. They also are the best buffer between the two. It is also important that the management company be accessible to both sides any time day and night, seven days a week, 52 weeks a year.
Experience and Expertise
Property management is a multifaceted endeavor, and it takes an in-depth knowledge of the industry and a skill set that has been honed over the years. There are a wide variety of reports that need to be compiled, financial ledgers and records that must be carefully kept and interpreted, landlord/tenant dynamics and trends, laws and regulations, and of course housing trends.
Good People Skills
The best management teams make their clients and tenants a priority in everything that they do. In this way, they must be good at dealing with the individuals on both sides of the equation in a respectful, effective, and professional way. They must serve as both a trusted advocate as well as a compassionate and respectful overseer for residents. A good management team is one that is able to be approached with any issue that may arise and be counted on to provide solutions and actions that keep everyone happy.
A property manager is always being pulled in multiple directions at any time of any given day. A good team is comprised of individuals who are able to keep their heads straight and maintain a sense of organized calm no matter how hectic the day gets. When choosing a good management team to work with, be mindful of their organizational skills, and how they carry themselves when dealing with day to day actions. Ask them what kind of software packages or other tools they use to stay on top of everything. You may even want to consider going on a ride along with a member of the team for a day to see how they handle the myriad of things that come their way.
As stated earlier, one of the key components of any effective property management company is the same as it is for any business that routinely deals with people, professionalism. Make sure that you choose to work with a company based on how they treat their tenants, and their fellow managers, as well as how they treat their clients. Remember, they have a vested interest in showing you their best side; they want you to hire them, but it’s how they treat everyone else that shows their true character.