When you decide to invest in residential property management services, you are leaping into a potentially thriving career. Each of the enormous property management companies will say that they provide excellent customer service. Each property manager will boast of putting the needs of their customers first. So, in the lack of personal or first-hand expertise, it can be difficult to tell which individual property managers are the best partners and which ones will tap at your toes. This article seeks to help you identify good property managers and give you simple criteria for the best evaluation.
The key to finding a great professional property manager is not in his ability to provide impeccable customer service. No amount of customer service is going to do any good if he is not willing to take the time to address your concerns, and if he cannot show up when needed to make sure that your needs are met, then he is no better than a receptionist at an answering service. In your residential managers, you need to look for people who have an intimate understanding of tenant and property maintenance practices, actively seek to promote good practices within his company, and take an active interest in keeping his properties maintained to his client’s high standards.
If you find a property manager that makes a point of personally contacting you every time you have a concern with one of his units, or with his company’s property management practices, then you have found someone who is serious about their job. An authentic property manager works hard to build relationships with his tenants. He will want to hear from them, as well as from you. Property managers should appreciate your concern for your property and your concerns for the upkeep of your rental unit. If the property manager listens to you, understands your needs, and genuinely wants to help, he will give you a ringing endorsement.
The majority of residential property managers work on a contract basis, which means that each month they are paid a certain amount by the landlord. Most lease agreements have the property owner and the property manager agree on what the payouts will be for the services rendered. Most lease agreements also include provisions that allow the property owner to change the rules to benefit himself or herself, should they desire. This gives the landlord an advantage over other potential competitors.
In order to find the best residential property management company, ask your friends, family members, and co-workers for recommendations. Ask them about their personal experiences with the particular property management company. You can also research online to find out what others have to say about the firm. Some web sites will even allow you to enter your zip code to narrow down your selection of property management companies based on location, so be sure to enter all relevant information.
Most reputable residential property managers offer a one month guarantee. You will want to make sure that this is the case, since even the best management companies can get booked up for months at a time. One month guarantees are great because they allow you to try the service before you commit yourself financially. Many management companies charge a monthly fee to use their service, although it is possible to find companies that charge a fee only for one month’s service, rather than a full year’s service.
When choosing residential property managers to manage rental homes for you, choose those that have a proven track record of success. To screen for a reputable company, ask about their performance statistics for the past five years. You should also request copies of any complaints filed with the Better Business Bureau and verify that they have an adequate number of licensed professionals on staff. The best investment property managers are highly organized and follow a very strict policy to ensure that all tenants are kept happy.
If you would like to have more involvement with your residential property managers, provide them with a written letter outlining your expectations. You may also consider hiring an investment property management firm to handle all of your landlord/tenant needs. They will develop a comprehensive plan that will keep you updated on all aspects of operations. They will coordinate all of your landlord/tenant needs, including marketing, scheduling, maintaining lease agreements, collecting rent, collecting security deposits, advertising properties for sale, conducting background checks on prospective tenants, and collecting late rent payments.