Are you tired of handling property uncertainties and maintenance? Property managers can take over the burden of daily and long-term property operations. They handle everything from maintenance issues, security, updates to rent collections, evictions and other financial matters. But, how do you find a good property manager? You need a reliable firm who can adequately navigate daily issues and predict long-term needs.
As experienced property managers, we often have leasing clients inquire about management services. No matter who’s asking, we always tell them to keep these tips in mind when looking to find a good property manager.
1. Ask Around & Do Research
Whether you’re asking around for a new hairstylist, landscaper or restaurant recommendation, you’re most likely to get a credible endorsement from someone whose opinion you trust. The same is true of finding a property management company. A reference matters because it’s real life feedback from someone who directly knows that company’s work.
Don’t fret if you don’t have a network of owners you can turn to. You can do plenty of digital reconnaissance from the comfort of your own home. A reputable property management company should have some sort of web presence. That’s not to say that they need to have the most cutting-edge site. Instead, look for a company that publicizes clear, basic information including their address, contact information and service offerings. If you find a company whose website looks sloppy, outdated or incorrect, chances are that they’re treating clients similarly.
Another benefit to looking at a company’s site is that they’ll likely have testimonials, team member information and a portfolio. We’ll talk more about the portfolio later, but these other items can help you get a feel for the company. Plus, if they include their contact information, you can easily reach out to the people your tenants would interact with most.
2. Check the Portfolio
As we mentioned above, you can often find a company’s portfolio on their site. Even if the company doesn’t list their exact management clients, you can still get a feel for the business by looking through their for lease or for sale listings.
Aside from scrolling through their website, you’ll also want to reach out to the company to ask what types of properties they manage. If you own multi-family properties, for example, you may not want to go with a company whose portfolio is only made up of office space. A company’s portfolio isn’t everything, but it can help inform your decision.
3. Examine the Track Record
How long has the company been around? When you ask for references, do they provide them? How long have their clients been with them? By looking at a company’s reputation, you can get an accurate read on how they operate. Start by looking at their history, then open a conversation with the company about the questions above. If you have specific scenarios you’re concerned with, you can also ask how they would handle them. This will help you not only understand their experience, but it will also help you see how they think.
4. Ask to Speak to Their Tenants
By speaking to the people who interact with the company the most, you’ll truly get a feel for how the company operates. It’s important to understand how these tenants feel about the company. You don’t want to hire a company that leaves tenants frustrated with lack of communication. If this happens, chances are they’ll either share their grievances with other tenants, or they’ll decide to move. Not every tenant will be enamored with the property management company. After all, they can be the “bad guy” who handles late rent collections and evictions, but the quality, credible tenants should have a positive experience with the company.
Choosing a property management company is a major decision. You need to feel confident and comfortable with whomever you hire. At the end of the day, these people will be the main point of contact with your tenants. Don’t be afraid to take your time, ask detailed questions and really dive into a potential company. Your real estate is likely one of your biggest investments. It deserves the proper team to manage it.
Are you ready to open the dialogue into professionally managing your property? Give us a call. Let’s start a conversation about how we can help you.