Things to Look at When Choosing a Property Management Company

Topping the list of things to look at when choosing a property management company includes superior communication and organization skills, as well as experience. A company needs to manage a multitude of tasks where organization, time management, and the ability to relate to people, is of the utmost importance. They need to communicate with tenants, as well as manage employees, contractors, and service providers such as maintenance or landscape personnel. 

It is the responsibility of a property management company to make sure everything runs smoothly. An excellent understanding of accounting and budgeting principles can make everyone’s life easier by staying abreast of all financial matters that relate to both tenants and the property as a whole. A well-run company has its books in order since it works with processing applications, conducting credit checks, collecting fees, conducting interviews, and showing properties. Screen potential companies by reviewing their qualifications and accreditations. This can improve your profitability, and you may find the need to hire professionals to do the job. Let a property manager do the micromanaging while you focus on asset management.
 
When choosing an asset management company, make sure they are licensed, and find out what types of properties they have managed. Ask for a list of references. Ask how they handle the nitty-gritty: collecting rent; maintenance and repairs; inspections; tenant marketing; tenant screening; tenant/owner HOA funds; move-outs and evictions; marketing the property; daily operations; and additional unexpected expenses. A good property management company is knowledgeable and can protect you from potential lawsuits. Finally, ask about their property management contract and fees. Many charge various fees for leasing and vacancies.
 
The property management agreement outlines the business relationship between you and the company. It also covers your responsibilities, as well as breach of contract rules and termination fees. Ask a potential property management company about necessary insurance protection, such as general liability insurance and property-casualty insurance.
 
A well-run property operates 24/7 and the property management company is everyone’s go-to problem solver. That not only includes tenants, but employees, accountants, attorneys, and local officials, including law enforcement. Property managers will often have to investigate disturbances, complaints, and violations, and may have to participate in criminal investigations.
 
Tenants are frequently won through Internet searches in the current modern-day Covid-19 world, so it’s important to find a property management company with a digital presence. This might include a company website and/or social media channels. These same channels can provide you with reviews of potential agencies you’re considering hiring. Internet channels can also provide the ease of making online lease payments. Many communities have adopted online neighborhood watch forums, providing a place for neighbors to gather and share ideas, information, or alerts about local crime.  
 
Location, location, location also applies to choosing a company that can access your properties to efficiently manage them. The location of a property management company should be conveniently accessible to you and your tenants.