Finding a good Property Management Company can be very tricky. You have to search high and low to see which company will be able to cater to your needs. While there is absolutely no perfect company, there are a few major things that you really have to consider when choosing one. Whether it is your first time to get a property manager or you currently have one but are considering your options, these are factors that you have to consider:
1. Messy Accounting Practices
Your rental property is an investment and it should yield a profit. However, it can be frustrating to determine your actual profit if you are dealing with a Property Management Company with messy accounting practices. If you are dealing with this kind of a Property Management Company right now, then it is prudent to jump off the boat and look for a new property management company.
WHAT YOU SHOULD LOOK FOR: Look for a Property Management Company with a clear and concise, easy-to-understand Cash Flow/Income Statement.
2. "Slow" to "No" Response from your Property Manager
As the owner of the property, you ought to know everything that's happening to your property. While some management contracts give leeway for the Property Manager to perform actions without the owner's consent (minor repairs, replacement, etc), it is imperative that the PM Company involves the owner in every and all things happening in the property. This is hardly achievable when your Property Manager is slow to respond. Much harder if the Property Manager does not respond at all! If for some reason you are experiencing this from your current Property Manager, then perhaps it is the right time to look for a new one!
What you should look for: Look for a Property Management Company that cares enough to respond to your inquiries or to at least give you updates even without you asking. It doesn't have to be a 24-hour turn around time but at least some update on what's happening to your property. Everyone wants an update from time to time, right?
3. Slow Rental Turn Over
The success of a rental property investment is measured on its profitability, and your property will only be profitable if it stays rented most of the time. While having a long term tenant is always a good thing, there will be instances where the property needs to be marketed and new applicants will be screened. This is where your property manager's ability to re-rent your property in a short period will be crucial. If your property's rental turn over is taking forever, then you might need to consider looking for a new property manager.
What you should look for: Find a property manager with a good record of renting properties. It doesn't have to be overnight as there are some things to consider before re-renting, however, it should be the quickest time possible.
Do you currently find yourself stuck in any of the scenarios mentioned above? Looking for a good property management company can be tough, but it doesn't have to be! Why do you need to endure those struggles when you can switch to Home Holders LLC?
At Home Holders LLC, we pride ourselves on our quick, reliable and successful rental success rate (click here to learn more). We exhaust not only traditional marketing strategies, but we also dive into applicable digital marketing strategies to make sure that your property gets rented in a very profitable time frame. We also use efficient property management tools to make sure that the accounting side of your business doesn't get messy and that all of your concerns are resolved and addressed promptly.
Click HERE right now to set up an appointment for a FREE rent/sales value estimate!