There are a number of things to look for when you’re choosing a property manager, and today we are going to list the five most important things that will ensure you’ve got the best property manager for your rental home.
Communication is critical. You need to be clear with your property manager about what form of communication works best for you and you need to make sure the property management company is willing to communicate that way. Whether you prefer email, texting or phone calls, it’s important that your property manager is able to communicate with you.
A good property management company will make sure your rent is collected in a timely fashion. This is pretty self-explanatory. You don’t want to be waiting for your rent.
Repairs have to be handled in a timely manner. If things need to be fixed or the tenant requests maintenance work and that gets ignored, then both the property owner and the property manager are going to be involved in an unpleasant liability situation. You need a property manager who will be prompt about taking care of repairs and maintenance.
If your property is not being rented out quickly or not being advertised, your property manager is not doing a good job. When you have a vacant property, it’s usually because of one of these three reasons: price, condition or location. The only thing you can really work with is price. Your property manager has to be honest about fair market price. It’s okay to start high when you’re advertising the property, but be flexible if it stays vacant. You need a property manager who is willing to price the home correctly.
Always check a property manager’s online reputation. It’s a good idea to look at reviews on Yelp. You can see what kind of turnover a property manager has and you can also consider any bad reviews that are not self explanatory. If there are a lot of negative reviews from disgruntled tenants, it might simply be proof that the property manager is doing a good job.
These are just five quick tips for how to find a good property manager. If you’d like to know more, or you have any questions, please contact us at Select 1 Realty, and we’d be happy to help.