Who’s in Charge? You or Your Property Management Company
If you’re the landlord, YOU are in charge of how your property management company handles your property…within reason, of course. Maybe you’re surprised. But think about it. Property management is key to getting the most value out of your investment, so make sure it’s handled the right way - whether it’s you or a property management company. A property management company must fit, and it’s your job to communicate your expectations. A good management firm will likely have well-developed systems for dealing with owners and tenants. Yet, they should appreciate your reasonable requests. After all, they want you to be satisfied and to become a solid, long-term client.
The most important first step to finding that amazing property management company is to carefully screen your finalists. ASK THE RIGHT QUESTIONS…How do you oversee my property? What exactly is your process? How do you handle tenant issues? What about maintenance? (Good idea to KNOW what your expectations are before you meet, right?) Probably, you’ll quickly get a sense of the ones that are right and those that aren’t. Examine their contract carefully, and make sure the following topics (and more) are covered:
Systems and Policies: Ensure they have what YOU want and are willing to discuss various approaches
Lease documents: Review thoroughly before hiring the management company
Choosing tenants: Make sure they have appropriate background screening. Then determine WHO makes the decision on the tenant?
Lease-Up Fees: Agree on what the fees are.
Lease-Up Repairs: How will they be handled?
Monitoring policy: How often, how thorough, in person or via phone/video?
Eviction Policy: How do they handle the moratorium? What if the tenant won’t comply?
Tax Reporting: What is provided? Who does the CRP (if required by your state)?
Communication: How often will you meet to discuss issues/problems? What do you want them to handle?
A good property manager should do the following:
Consistent direct communication with landlord and tenants
Staying up to speed on the latest requirements related to property management, including eviction moratoriums, city compliance issues, etc.
Well-defined automated systems to operate your business interests - your properties--efficiently, effectively and ethically
Positive attitude relative to property owners and tenants
Conducting of thorough and regular inspections…at least twice a year - video preferred
Dependability and availability
There are many reliable professional property management companies out there. It’s up to YOU to find the one that’s right for you, your property and your tenants. You are invited to join LeAnn Riley's Real Estate Investing Club--FREE--to gain access to real estate experts who join LeAnn via livestream every second Wednesday of the month.