Managing a rental property can be time-consuming, tiring, and stressful, particularly for landlords who are juggling multiple units in different neighborhoods. A good property manager can help relieve some of this stress, though the right property management company can help with every aspect of managing your unique rental.
Below we’ve compiled the top three signs you’re working with the right property management company for your property and your bottom line.
One of the fastest ways to lose money in real estate is poor tenant retention and a high volume of vacancies. A strong property management company should have the resources for an effective strategy for filling vacancies quickly with qualified tenants. For this reason, tenant satisfaction is crucial. Focusing on your tenant’s needs and wants can encourage lease renewals, this in turn reduces turnover rates, significantly reducing operational costs.
Your property management company should collect data on the local rental pricing to stay competitive, while ensuring your tenants feel valued, and cared for throughout their lease term, and beyond. The right property management company shouldn't simply react when a tenant vacates your rental, they should be proactive. This includes communicating regularly and responding quickly to a tenant’s request. Additionally, the right property management company should be able to provide the resources needed to
prepare vacancies for the following tenant as well as have a comprehensive list of qualified tenants to choose from.
The wrong tenant moving into your rental can result in late payments, property damage, and in some cases expensive evictions. The right property management company should have a thorough screening process for prospective tenants which may include a credit check, rental history, proof of income, and a background check. While rigorous, an in-depth screening helps to protect your property and ensures consistent rental income.
Aside from screening applicants, the right property management company should also have a streamlined approval process. This can help avoid unnecessary delays for prospecting tenants. Having an efficient system for approvals reduces the amount of time a unit is vacant. While a couple of days may not hurt your bottom line, if delays last for weeks or months, you’ll notice a negative effect on your monthly rental income.
Most investors have maintenance and repairs as one of their top priorities when looking for a property management company. Many landlords look forward to being able to offload maintenance responsibilities, as this can be incredibly time-consuming, especially if you’ve grown your portfolio to include more units. This means the right property manager should be able to handle efficient maintenance and repairs. Timely maintenance is crucial for the satisfaction of your tenants; however, it also helps maintain your property’s value.
The right property management company should have a network of reliable contractors for a fair price. As well as a streamlined system for managing repair requests, and providing the appropriate service for the job. Regular inspections should also be conducted in order to catch minor issues before a tenant reports them. This shows tenants that you’re committed to their comfort while protecting your investment. A property manager that offers 24/7 emergency maintenance services assures your tenants are always supported, and reduces the risk of severe property damage.
Hiring a property management company is an important decision to make, and choosing the right one can not only greatly impact your rental’s long-term success, it can help generate more profits. This is because a property manager should be seen as an investment and not a cost. If you’re unsure you hired the correct property management company or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
