Blog Post

Questions you Might Have About Property Management Companies?

Dustin Edwards • February 23, 2023

The Importance of A Good Property Management Company

When looking for a property management company, it's natural to have questions to see if they are suited to your needs. Asking the right questions increases your chances of finding an efficient, reputable, and distinguished property management company. Below are a few questions you may have about property management companies before hiring them.


What Services Do They Provide?

The first question that comes to mind is what services do you provide as a property management company.


A
full-service property management company should be able to provide all the services needed to give you peace of mind. This means providing monthly reports of maintenance or repairs, support for tenants and owners via email, phone, or online, year-end owner tax statements, collect rent, collections and eviction coordination. One of the most important questions you can ask before hiring a property management company.


Do Property Management Companies Find Tenants?

Finding good tenants can be a delicate process. It's well known in the industry that long-term tenants are highly sought after, as this can significantly improve your bottom line. It should not only be important to find tenants for your vacancies. However, a property management company should be able to find the best tenants available. This means having a screening process to make sure only the finest tenants are contacted. This means finding tenants who can pay on time, have no prior evictions, and have a clear history to be considered.


Do Landlords Call Prior Landlords?

Vetting references is important when looking for tenants. Landlords will collect rental references from interested tenants through the application process. Many landlords will want a comprehensive background check on the applicant's tenant. This will include calling the tenant’s references. Fake references will result in a rejection of the application.


Why Do Property Management Companies Get Terminated?

Terminating a property management company involves not providing the promised services or a breach of contract. Some owners aren't sure when it's time to switch property management companies. Entering into a property management agreement means the property management company represents the owner of the rental. The property management company becomes legally responsible for managing the property.


A bad company will be called a “rent collector” by the tenants. This usually means the property management company has poor response times and awful property maintenance practices. They generally lack knowledge of the local laws and ordinances and often lack the resources to provide vetted tenants and deal with legal litigation.



What Are The Signs of a Good Property Management Company?

There are many ways to see if you’re dealing with a quality property management company. However, there are some key elements to keep in mind. Professional relationships and good communication are important for both the tenants and the owners. Though having good relationships with tenants is important, maintaining professionalism is critical. Ensuring policies are in writing and well communicated to each tenant can eliminate miscommunication between tenants and landlords.


Low vacancy rates can distinguish a good property management company as well. Making sure the vacancies are filled with quality tenants is equally important. A vacancy rate of 3% is ideal and considered a healthy representation of the market balance between tenants and owners.


A good property management company will also have the resources to provide a complete proof leasing agreement and have legal knowledge of the area where the rental property resides.


A property management company should be a time saver and investment asset.
Understanding what property management companies charge can help you decide whether or not you need one for yourself. If you need help finding the right property management company to hire or need help deciding if you need a property management company at all, consider calling us at (562) 888-0247, or feel free to fill out our free rental analysis to see what your rental could yield today.

Share this post

By Dustin Edwards January 17, 2025
A new year is a new chance to start new ideas to bring in prospects to your property. Consider the following 5 ideas to engage prospects and get new tenants.
By Dustin Edwards January 10, 2025
Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants 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 .
By Dustin Edwards January 2, 2025
Keeping tenants safe, translates to happy and long-term tenants. Read to discover 5 Inexpensive ways to keep your tenants safe.
Show More
Share by: