An important part of being a successful landlord is the property management. For some, the decision is to self-manage. Other owners decide to hire a professional property manager. Make sure you pick the right property manager for you.
The right property manager can be a huge asset. But not all property managers are are the right property manager for you.
Because property management can be a complicated business, hiring the right property manager takes thought, research, and tenacity, but taking your time in this process will pay off down the road.
The right property manager is your business partner, the protector of your home, and should represent you in difficult situations that can pop up. You want someone you can trust with your money. Over all, property management is about great communication, both with you and your tenants.
How to test their communication skills? Here are some ideas.
Take a look at how a potential property manager deals with their tenants and owners online. Their website should be informative, providing as much information as possible to the tenants. Tenants should be able to pay online through the website, and contact the property manager directly for maintenance issues or questions. The owner should be able to check the the status of their property and bank account through the site.
Google reviews can also tell a lot about the company’s communication skills. You don’t necessarily want to see all 5-star reviews. Sometimes negative reviews can show you more about how a company operates than the good reviews. How?
Look at whether the reviews are answered by the company, and if so, how they answer them. The right property management company will be courteous, helpful, and try to solve the issues people talk about. In this business, there will always be people who are upset about something—they are emotionally invested in their home. But a good property manager will handle these issues with professionalism.
They will also not be afraid to deal legally with tenants that step over the line. You want to see that the property manager has policies and lawyers to handle potential problems that may arise.
Interacting with the Company
Call your potential property manager and ask questions. See how the staff treats you. You want professionalism and courtesy.
Drop in on a company you’re thinking about hiring and get a handle on the work atmosphere. Happy property managers mean good ownership and a successful business. Stress in the workplace might show potential problems.
Pick up any literature they pass out to potential clients and tenants, and see if it all agrees with your concept of good management.
Reading the Legal Documents
Get a copy of the lease, management documents, and anything else that is provided to the landlord or tenants. This way, you can go into your first meeting informed about their legal materials.
Many of your questions can be answered by examining the lease/property management contracts before your first interview with the property management company.
Make up a list of questions you have as you do the research. Then schedule that first interview. Don’t leave until all of your questions are answered, and you are sure the management company is right for you!
The Key to Choosing the Right Property Manager
The key to hiring the right property manager is good research on the company, and being prepared for your first interview with them. Find property managers who will do the important work for you so you don’t have to.
Ultimately, you want to make money on your rental property while being free to develop new properties, take vacations, or do other work, while still maintaining your tenant standards. Finding the property manager that is right for you is the first step to success.
Are you ready for a property manager to help you with your rental property in Colorado Springs? Call All County today at: (719) 445-7172 to see if we’re the right property management company for you.