7 Tips for landlords and property investors
You have a lot on your plate as a landlord or property investor. Whether you’re new to the game or an old pro, there are certain responsibilities that can’t be put off. If you plan to continue investing in property, it’s time to think about hiring a good property management company to take over some of your tasks.
However, you don’t need to let investing in property become a burden — with the right partner by your side, things will get easier and more rewarding. In this blog post, we will share some essential tips for finding the perfect property management company to make your life simpler and your goals easier to achieve. Keep reading to learn more!
Run checks on prospective property management companies
Regardless of how much you trust a prospective property management company, running a background check on the company and its employees is always a good idea. You can make your own enquiries to keep costs down, and it will give you piece of mind knowing that you aren’t dealing with someone who has a shady past. Also, it never hurts to ask for references from other landlords who have used the same property management company in the past. This can help you learn more about the culture of the company and whether they are a good fit for you and your tenants. If the property management company has been in business for more than a few years, you should be able to find references on the internet.
Make sure you look at reviews, both good and bad, so you can determine what the company’s reputation is like among current and past clients.
Ask for recommendations from other landlords
If you’re trying to find a property management company that manages multiple properties in your area, you will need to make some enquiries and do some online searches. However, keep in mind that not all property investors have a property manager. Some investors prefer to manage their own properties and generate some extra income, but often they like to ask a property management company as it can be time-consuming as well as skilled work. If you can find a company that is a good fit for you, they will save you many hours of admin and stress.
Find out how many apartments the company manages
If you’re brand new to the property management industry, you may not have any idea what to look for in a property management company. While the best advice we can give you is to trust your gut and work with the company you feel most comfortable with, you should at least have a basic understanding of what makes a property management company reputable and trustworthy.
One of the best ways to do this is by finding out how many apartments a company manages. A company that manages just a few apartments is often a start-up business. While it may be a perfectly legitimate operation, most start-up properties have a lot to learn when it comes to managing properties and meeting tenants’ needs.
A larger company that manages many apartments, will have more experience and a proven track record. As a result, they are better equipped to deal with emergencies, meet their legal obligations, and provide you with the level of service you expect as a landlord. This will help you determine which company is a good fit for you, enabling you to evaluate who you’d like to work with.
Ask about staffing and training practices
When interviewing potential property managers, you should ask about their staffing and training practices. How long do employees stay with the company, and if there is a high staff turnover rate? You will also want to ask about training and certifications. You don’t have to have a property management company that is certified, but it is certainly a plus. Having a team that is trained and has experience in the industry can make a significant difference in the way your properties are managed. It is also good to ask about the company’s training program to know what to expect if you hire them.
Determine what services the company offers
As you are researching different property management companies, you will want to pay special attention to the services they offer. What kinds of services do they provide? What do they charge for those services? How often do they perform inspections of your properties? How often do they collect rent? These are all important questions to ask and will help you find a property management company that is a good fit for your needs. You’ll want to know what the company does and what it doesn’t do. You don’t want to hire a property manager that will take over everything, as this may make your properties unmanageable. Instead, you want to find a company that is flexible and will work with you.
Confirm that any new property management company adheres to good marketing practices
You will also want to make sure that the marketing practices used by a new property management company are up-to-date and ethical. For example, you don’t want to be associated with a company that will use spammy ads or ones with misinformation. You will also want to confirm that the company is transparent and compliant with the law. For example, a member of ARMA, the Association of Residential Managing Agents.
Carefully review the contract before signing
When you finally settle on a property management company, you will want to make sure that you sign a contract with them. This contract will outline the services that the company will provide, how much they will be paid, and when they will be paid. This will help ensure that everything is in order and that you are protected.
It is important that you don’t rush the process of finding a property management company to take over some of your responsibilities as a landlord. Frequently property management companies are a one-size-fits-all type of business. Look for a genuine company, who is easily accessible and one that is flexible to your needs and that of your tenants.
Conclusion
You don’t need to make finding the right property management company difficult. With the right approach, you can find the perfect partner in no time at all. Once you’ve found a company that seems like a good fit, ask them about their staffing and training practices, what services they offer, and confirm that their marketing practices are up-to-date and ethical. You should also carefully review the contract before signing it.
Finding the right property management company can make your investments much easier to manage and more rewarding. You can read more about our property services and our pricing structure. If you would like to speak to us in person, please don’t hesitate to use our contact form or call 01323 894400
