10 Nov What to Look for in a Property Manager
What to Look for in a Property Manager
Property management is about balancing relationships and contractual agreements with both the property owners and renters. Property managers make it easy for landlords to own as many rental properties as they like. There is no headache of having to manage tenants, the maintenance and repairs, and in some cases, managing and maintaining the budget, and filing taxes. What’s important however, is taking the time to select the right one. Knowing what to look for in a property manager is perhaps the most important thing a landlord can do.
When the Ball Drops
In most cases the landlord tenant relationship goes well. The property is cared for, the rent is paid on time, and when problems arise, the property manager knows what to do. Until someone drops the ball! Rents start coming in late, and as a result, the steady stream of income is no longer steady. Tenants are living rent-free and valuable rental income is being lost to freeloaders.
While this is not always the case, the truth is there are many moving parts to managing a property well. Drop the ball once, and things can get out of hand quickly. But despite the horror stories of properties managed poorly, the reality is, not taking the time to choose a property manager right can be the difference between making money, or not.
Knowing What to Look For
Knowing what to look for can be overwhelming; so, a good place to start is the Better Business Bureau. A property management company that manages properties efficiently, with a high level of care has a solid reputation. Today it is much easier to do research on a company than ever before. By starting on BBB’s website, you can make sure the companies you are vetting have a good rating. Does the company meet the BBB accreditation standards?
And if they do, consider how long they have been accredited. Once these items have been checked off, make sure you select a property management company that an A+ rating. The reason is simple; an A+ rating from the BBB is the highest rating a property management company can achieve. Ask your peers, people talk, and they are especially inclined to share bad experiences online. Chances are if the business is less than reputable, you will find evidence of that in your research.
Track Record & Experience
Watch out for property management companies with long vacancy times in between tenants. Question the company on how much time it takes to get properties on the market. Be cautious of property managers with a small client base. It may be a signal the property manager is either very new or does not have the experience it takes to manage rentals properly. Taking the time to fully vet potential property management companies is worth it. After all, it is not about the what, but more importantly about the why. Take the time to find the right company, and get the most out of your rental property.