8 Qualities a Landlord Should Seek In a Property Management Company
We get many calls from operators that have had enough of the day to day operations of their investment properties and they are considering seeking out a quality property management company. We speak with them about the type of assets they have and what exactly they want in a property management company before we refer someone over. Below are several attributes that real estate investors seek in a property management company:
1) A local company. A local company will have knowledge of each submarket that they are in, and therefore can increase revenue, and downtime for units that become available; as well as give insight into local ordinances that may affect the property or tenancies.
2) A company whose management style aligns with the goals of the owner. Ultimately, a management company should know what the owner’s goals are and can adjust their management style to reflect and accomplish those goals, whether it is to reposition or upgrade the property, or to help the property run more efficiently.
3) Someone that specializes in their asset class. . A management company that only manages multifamily assets may have a difficult time managing the complexities of leases for a commercial office building, or retail center, and vice versa. Make sure the management company you choose has experience in handling your property’s asset class.
4) Handymen on staff. Typically, management companies with handymen on staff pass along the savings to their clients, and as such, maintenance costs for the building should also drop.
5) 24hr emergency number. You want to be rest assured that if something goes wrong after normal work hours that there is an emergency number and system in place to address the issue.
6) Proper insurances in place (workers’ comp). An owner will not want to be responsible for an injury at their property should someone from the management company get hurt while inspecting, or working at the property.
7) Company has been in business for a good number of years. Nothing can better confirm the success of a company than longevity in the business. Most businesses cannot stay alive for long if they aren’t servicing their customers well.
8) Knows how to screen potential tenants (individual and corporate). This can save thousands of dollars for the owner, by vetting out potential problem tenants before they move in.
A good property management company can make you money and save you even more. theRRD.com has a property management referral program for the management companies that utilize our system so don’t hesitate to call for good management referrals.