Residential Property Management: What to Look For in a Property Management Company
Managing a rental property is a full time job, and for those property owners who desire a little more free time, hiring a residential property management company is an excellent way to take some of the burden of rental ownership off of your shoulders. There are a number of companies out there who offer property management services, however, not all are created equal. When you decide it is time to search for a residential property management company, there are a few things to look for. For starters, you will want to ensure that the company you select makes communication with you a priority. This means that when you call them, they will have a well-trained professional eager to pick up the phone and willing to help you by answering all your questions. The same should hold true when you call outside business hours.
In today's digital age, the top property management companies will also offer online tools and features that help you stay up to date on vacancies, evaluations, maintenance, and financial reports on all your properties. You will also need to verify that your property management company is prepared and willing to handle any and all interactions with tenants from the signing of the lease, the addressing of maintenance requests, to handling eviction proceedings. They should also be able to provide a specific plan for securing tenant retention. In the event that a vacancy occurs, your company needs to be active in searching to fill the vacancy by advertising the property on effective rental websites and classifieds, and they should be swiftly following up with inquiries by prospective tenants. Effective marketing of the property includes making sure the property is priced competitively in the market. They should also provide you with assistance in making the property rent-ready by making suggestions on how to increase its appeal to prospective tenants.
Keeping the financial records accurate for a rental property can be complex, and the idea of turning it over to another party might be concerning to you. When searching for your property management company, you will want to be sure that you find one with the right tools, such as a centralized accounting system, to keep track of all expenses and income. This system should be available to you at all times, so be certain the company you choose offers online services for your own ease-of-access.
Deciding to utilize a property management company can take a lot of the stress out of owning a rental property. By finding a full service company that is willing to go above and beyond to ensure your satisfaction and that of your tenants, you will find you have more freedom both in body and mind rather than being burdened by constant worry and work to maintain your properties. Interested in changing property managers, or are you looking for a property management company for the first time? For additional questions regarding residential property management, or to inquire further about services, contact the experts at Real Property Management