How To Pick The Right Property Management For Your Needs
You are planning on bringing a property manager onto your team, congratulations! Working with the right property management team comes with a host of benefits ranging from:
- *Keeping your property rented with qualified tenants who will care for your property
- *Having someone handle the day to day operations when needed
- *And keeping your financial records ready and readable whenever you need them.
But, like any business, there are good and bad choices. A bad choice could lead to the depreciation of your investment. Use our tips below to identify and choose the right property management company the first time and keep your property profitable for years to come!
Tip 1: Find A Team With Experience
When talking with property management companies be sure to ask about their customers, testimonials they have, and how they handle challenges. Remember anyone can claim they offer quality service; it’s a whole other thing to actually have years of experience doing it. By questioning your company on how they handle situations you learn what to expect when problems arise at your property.
Also, an experienced property management company will be able to talk easily and in-depth about all types of issues and highlight resolutions and successes they’ve created.
Tip 2: Look For Industry Credentials
Property management professionals should have affiliations and accreddition with multiple industry groups that regulate real estate operations. The best property management companies will showcase their credentials, because they understand that it demonstrates their credibility and experience in the field. Here is a list of the minimum number of affiliations the company you are considering should have.
- Better Business Bureau
- National Association of Realtors
- National Association of Residential Property Managers
Tip 3: Ask Specific Questions About The Market
When hiring a property manager don’t look for just a handyman. You want to look for a company whose experience will make them a trusted advisor and can grow your property’s profitability. The best managers will have experience with the region and know the ups, downs, and possible problems of the rental market in New England. You want to engage with a manager whose advice and insights can both boost and protect your profits for years to come.
That is why you need to come prepared with a list of questions specific to your needs, location, and unit when interviewing candidates. When reviewing companies look for one that will take time to address your issues and not stuff you into a one-size-fits-all system.
Tip 4: Focus On Quality, Not Price
You want to lower your costs as much as possible. That makes sense. However you need to hire the right help, right out the gate. Teaming up with the wrong property manager costs more than the most expensive option on the market eventually. You may feel like you saved money at first, but this feeling is typically short lived. Once your property has been mismanaged over a period of time, due to the inexperienced of a subpar manager, those costs will end up far exceeding what you would have paid a great management team to keep your rental in tip top shape. Cutthroat pricing leads to stripped down deliverables.
You don’t want your property cared for and looked after by the cheapest possible option. Skip the headaches, bad tenants, and property management problems by picking a property management company on the quality of their service and how it relates to your needs, not price.
Efficient and knowledgeable. Listened to my needs and exceeded my expectations. I could not recommend this team more.
Jill H., Satisfied Client
Keyrenter is always a pleasure to deal with. Super responsive and attentive to all of our needs. Would not hesitate to refer them to anyone.
Andrew B., Satisfied Client
These folks are great to work with. I appreciate the fast and courteous response. I'll be using them more often going forward.
Mitch S., Satisfied Client
Always so great to work with! Reliable and dependable!
Summer B., Satisfied Tenant
PROVEN AND TRUSTED