Choosing a property management company can be the most important decision you make since buying your investment property. Today, we’re discussing what to look for when you’re hiring a management company. This is the first blog in a two-part series. In the next blog, we’ll talk about what to watch out for when you’re choosing a management company.
Rental Property Management: Tenant Relations
Look for a management company with a good qualifying process. A seasoned eye will see red flags that less experienced people won’t notice. You’ll get better quality tenants who will stay in the home longer. You’ll have a lower vacancy rate, tenants who pay on time, and less wear and tear at your property.
Working with a well-qualified professional saves you from having to take calls from tenants and show your property to prospective tenants. A good property manager will also protect you from costly lawsuits.
Property Management Salt Lake City: Marketing
You want a property manager who can save you time on vacancies. Look for a tried and true advertising and marketing system. This should include marketing through a couple dozen different avenues. You need a manager who knows the best terminology and phrasing, which will get the most attention for your property.
Salt Lake City Property Management: Repairs and Inspections
Ask about a property manager’s maintenance process. Your property manager should be able to get all the repairs done in a timely and cost effective manner. A good property manager will set your rental price correctly and save you money on maintenance and repairs. Many management companies have their own in-house maintenance teams. These are well-qualified professionals who can handle any maintenance needs that come up. Some property management companies also have good relationships with vendors, which results in bulk pricing. Sometimes, vendors work exclusively with certain property management companies. Ask these questions when you’re interviewing a manager.
A good management company will also conduct regular inspections. You want to know your house is being cared for properly. Inspections also allow your manager to notice any preventative maintenance issues that need to be taken care of before they become bigger and more expensive jobs. This saves you money and time.
Rental Property Management: Systems and Procedures
Look for a property management company with systems in place. Most importantly, you’ll want a manager with a process to collect rent on time and handle any situation where rent isn’t paid on time. There should be late fees and a process for serving three day notices. If necessary, your property management company should be prepared to file for eviction.
Your professional management company will save you time, money, and give you total freedom and peace of mind. Being a landlord doesn’t need to be your full time job. We always say that good property management doesn’t cost – it pays. But that’s only true if you take the time to research and find a good property manager. A bad management company only comes with additional costs and headaches.