Do you want the benefits of renting out your property without the hassle of doing it yourself? Getting rental income is a crucial part of a solid investment portfolio. When the time involved outweighs the income though, it becomes an unsustainable pursuit.
There’s no need to get bogged down in the complications of renting property when you secure a good property management company. When you hire a property manager, you can watch the income roll in without having to worry about anything.
Trusting your property to a manager can be hard though when so many property management firms do the bare minimum and leave you with high costs. Choosing the best manager is important if you want your property portfolio to be lucrative.
Read on to find out the strategies for finding a good property management company so you can maximize your income and nix any hassle.
What Makes a Good Property Management Company?
A fancy website might be appealing but you need to ensure that the management company you use will handle everything you need them to. You don’t want to be bothered unnecessarily or incur costs that should’ve been avoided.
The best strategy for finding a property manager who suits you is to approach them with a list of questions about their services. You’ll be able to gauge their communication levels and find out exactly how they will manage your property.
The first sign that a property manager is worth their weight in gold is how they communicate. Can you reach them easily by phone? Do they always call you back? Do they respond promptly to your emails or questions?
A great property manager knows that landlords are entrusting them with valuable properties and they will respect that level of trust. You’ll know if you can trust a property management company if they’re easy to get hold of and answer your questions happily and in detail.
Marketing Your Property
When you use a property manager, you shouldn’t have to market your property yourself. You don’t want your property sitting empty so a proactive property manager is essential.
Always ask where and how the property management company markets properties and how long it usually takes to find tenants.
As a landlord, you need to know that your new tenants are trustworthy. Tenant screening should always be comprehensive and undertaken in an appropriate manner. The tenants should also personally met by the management company.
Screening should include criminal background checks, income and employment confirmations, credit checks, and previous rental checks. A diligent property manager will also insist upon renter’s insurance for all tenants.
Screenings should also include the property manager discussing rental terms and rates with the tenant and ensuring they have all the appropriate information and paperwork.
The collection of rental payments is the main reason you’re renting out your property in the first place so you’ll want to find out how the management company deals with rent payments.
A good manager will collect rent and deposits as well as confirming which day you will receive the forwarded payments. They should be transparent and helpful when providing annual statements as well as provide all invoices for maintenance work.
Knowing that you’ll receive all the financial paperwork related to your rental property is essential as you will need it for your own taxes and records.
After defaulting tenants, maintenance is one of the biggest hassles when it comes to being a landlord. It’s also one of the most useful things to outsource to your property management company.
The best property managers will have a reporting system in place where tenants are encouraged to report any maintenance issues as soon as they arise. When issues are reported quickly, it stops them from developing into bigger, more expensive problems.
Your manager should inform you of any maintenance issues and clear the cost of repairs or replacements with you before embarking on work. This keeps you in control of the expense of maintaining your property without having to inspect and arrange work yourself.
Property managers should also arrange appropriate inspections of the property to ensure the tenants are keeping it in a good state.
Do you want to be woken at 3 am because a pipe has burst in your rental property? Not likely. A good manager will have a 24/7 emergency contact line that all tenants can call when they have an emergency.
Managers should be experienced in dealing with emergencies and have a list of trusted contractors they can use at a moment’s notice, including at night or weekends.
Nobody wants to evict a tenant but sometimes it’s a reality. A good strategy for seeing the worth of a property management company is to ask how they deal with evictions.
The best property managers will handle the eviction process from start to finish, including dealing with courts and even representing you. If they offer this service then you should be in good hands.
Going the Extra Mile
While all the above is essential, there are a couple of strategies you can use to double-check the services of a management agency.
Asking if a manager will help you check your property is in a condition to rent is a great way to see how expert they are. A property manager happy to help you get your property up to the rental standard shows them as a full-service company. They will also be able to tell you about things to consider when renting.
You should also check the company on the Better Business Bureau‘s site for a trust rating and reviews. This shows a variety of company information as well as tenant and landlord reviews.
Ask friends and colleagues for recommendations or reviews of management companies they’ve used. Personal experience is an excellent reflection of a manager’s true competence.
Secure a Good Property Management Company Today
A good property management company will have no problem explaining their services to you, their fees, and answering any questions you have. It’s far better to vet a property management company and know you’re in safe hands than take a chance based purely on price.
By asking detailed questions, looking for recommendations, and reading honest reviews, you’ll be able to effectively weigh up management companies.
If you’d like to talk to us about managing your property, we’d love to chat. Get in touch today and we’ll help you make hassle-free income from your portfolio.
Further Reading from Bergan & Company