Property management companies can be a great way to ensure that your rental property is well taken care of, but how do you know which company is right for you? You can’t hire the first company that promises to make you a profit. You need to look around, do your research, and make sure that you’re truly in good hands.
If you’ve never worked with a property manager before, you may be unsure about what you should be looking for. Here are some key things to consider when choosing a property management company.
Qualifications
Before anything else, you want to confirm that the people managing your properties are licensed and certified. If you’re unsure, go ahead and ask to see any necessary credentials. Also, check to see if they are members of any certified trade organizations. These organizations typically need proof that they are licensed and certified before joining.
Look for a property management company with a proven track record and extensive experience in managing properties like yours. How long have they been in business? Are they a new start-up with no clients? Have they done any real estate work before? The company should be familiar with the local real estate market and have a deep understanding of property management laws and regulations.
Reputation
Look for a property management company that has a strong reputation in the community. Ask around to see what other people have to say about the company, and make sure to check online reviews as well.
Research the company’s reputation by reading online reviews, talking to past and current clients, and checking their Better Business Bureau (BBB) rating. You can also ask for references and follow up with them to get a better idea of the company’s level of service and professionalism.
It may also be beneficial to check to see what their online presence is like. Are they active on social media? Is their website clean, professional, and updated? Have they been recognized for any awards? This may be one of the easier ways to see which property management company is right for you. If you are looking for modern service, their website should reflect modern technology, apps, and resources. Additionally, being able to tell if their website is legitimate or fake can save you from scams.
We don’t mean to brag, but here at Performance Asset Management, we can prove our reputation with great reviews and awards. We have been named the “Best Property Management Company in Milwaukee” by Propertymanagement.com and Expertise.com (as shown in the images above).
Services
You should make sure that the property management company you choose offers the services that you need. Some focus on managing residential properties, while others specialize in commercial properties. Some companies may offer additional services such as resident screening, resident placement, and maintenance services.
For the best experience, you need to understand what it is that you want from your property manager and then see how each company compares.
Here are some of the essentials:
- Effective process for settling and collecting rent. This process should make things easy for both you and the residents.
- Vacancies should be eliminated quickly and without fees.
- A simple termination agreement. They shouldn’t make discontinuing service with them extremely difficult or full of penalties.
- A streamlined system for handling maintenance repairs as quickly and efficiently as possible.
- Tough screening process that’ll guarantee to deliver world-class residents.
- Top of the industry technology. If a company hasn’t managed to start using technology for everyday tasks, like paying rent or accepting applications, then it most likely isn’t keeping up with its competition.
Cost
Many companies will nickel-and-dime you for any small service or charge high prices without the quality service to back it up. It’s ideal to find a company that charges less while also offering the services you are looking for. Ask about everything they charge for. What are their property management fees? Do they charge you vacancy fees? Do they charge minimums? Does their business continue to prosper even when yours doesn’t? You don’t want to work with managers who will charge you a fee every chance they get. You want a company that only gets paid when you do.
At PAM, we live by our slogan, “Great Residents. Great Service. Great Owner Financial Return.” If we can’t pay our fees by eliminating expenses while increasing income, then we don’t deserve your business. We know what fair treatment is when it comes to partnering with investors and managing residents. We won’t charge you excess fees.
Communication
Good communication is key in property management. Make sure the company you choose is responsive and easy to reach. Your managers will be running your properties and playing a huge role in your overall success. You will need to work closely with the company to make sure you’re both on the same page.
Contact them and notice how long it takes them to respond. Ask how often you can expect updates and how the company will communicate with you, your residents, and contractors. Do they give you the option to call, text, or email at any time? Do they also have options on their website to make requests and provide you with all the necessary information? They should be authentic and transparent about everything from the beginning. Make sure they know how to answer all your questions in a clear and concise way.
Dedicated to Residential Success
Finally, your property management company should be just as committed to your success as you are. A property management company should serve the residents just as much as they serve you. If you are going to hire them, you want to make sure they are the best possible managers for both you AND your residents.
Property managers should be passionate about their work and driven to provide you with results. They should communicate with residents often, help address and resolve any issues, and provide them with the right tools to be great residents. For example, PAM has a promise to our residents. We promise that we are going to make mistakes, but we are going to try again until each problem is solved. We will learn from those mistakes to make sure they don’t happen next time. That is why we also offer same-day services for any maintenance issues.
If your management company can’t keep your residents happy, you’ll find yourself with constant vacancies. The right property managers will work to earn your business every day. Your success should be their success as well. Don’t skip out on doing your research. Learn about your options and what each one can offer you. This is your business, and your success should be just as important to them as it is to you.
