Investing in real estate is one of the best ways to make extra money.
But as an investor, you probably don’t want to deal with the day-to-day work required to be a landlord. Fortunately, you can hire property management services to oversee your investment for you.
Keep reading for 10 signs of a quality property management service to help you choose a company you can trust.
1. Professional Relationships
While building relationships with tenants can go a long way towards getting lease renewals, it’s important to choose a property management company that is professional. Property managers should make policies, rules, and procedures clear to tenants and should enforce them equally across the board.
2. Legally Solid Leases
Lease agreements are the cornerstone of your business. Look for a property management company that ensures their leases follow the letter of the law. This will protect both you and your tenants.
3. Good Communication
You need to be able to trust the property management company that is overseeing your property. A trustworthy property manager is a good communicator and always keeps you informed.
4. Few or No Vacancies
Pay attention to the track record of the property manager you are considering.
If the community has few or no vacancies, you can reasonably assume that the tenants are happy with their accommodations. When they are happy, they are likely to refer friends and family to your community.
If there are a ton of vacancies, something is probably wrong.
5. Focus on Safety
The safety of your residents both in your community and inside their unit should be your priority. Choose a property management company that puts safety first. This can help you avoid costly insurance claims and keep your tenants happy.
6. Fast Responder
Good property managers will get back to you and your tenants quickly. They stay accountable and available via both phone and email.
7. Knows the Market
Quality property management companies perform regular market appraisals and have a working knowledge of the market. This allows them to make informed recommendations about the amount of rent you are charging, helping you maximize your profit.
Managing a multi-family property is no easy task. Property managers must stay on top of many moving parts. The best property management services are highly organized.
9. Makes Repairs Quickly
Maintenance issues are one of the most common complaints about rental properties according to tenants. The best property management services have a quality repairman, communicate well with tenants about repairs, and make them quickly.
10. Performs Inspections
When hiring property management services, choose a company that performs regular inspections. These inspections are important for keeping you informed about your investment and catching small problems before they become big ones.
Want to Learn More About Property Management?
As a real estate investor, you always want to grow your portfolio and your wealth. The key to success often comes down to choosing the right property management service for your property.
Check out the real estate section of our blog to learn more about making money as an investor.