Having the right property management company work for you can benefit the investment you've made in real estate. But the thing is, there are a lot of property management companies around today, and there are more coming up every day. Now, how can you tell the professionals apart from the wannabes since they all claim and provide the same type of services?
The outbound branding and messaging that a company puts up is surely an important factor in judging the kind of services they offer, but to really understand their operations, you need to ask the right type of questions. Not to worry though, below are five things you should look for when you are about hiring a property management company.
1. GO WITH A COMPANY THAT KNOWS THE LOCAL MARKET
If your property management company has the knowledge of the local market, then they will know the kind of renters you are looking for. A good property management company will put themselves in the place of a renter when dealing with your property. This way, they will be able to make cost conscious and smart recommendations to the owner, which will in turn increase the overall return while still making the property more desirable. It will also help in reducing vacancy, increasing rental rates, and having lower turnovers. A good property management company will also ensure that your property remains competitive in the leasing market. Having this knowledge will help minimize your time on the market while maximizing your rent.
Fahel & CO is proud to be a leader in the Ottawa property management sector.
2. CUSTOMER SERVICE IS PARAMOUNT
Customer service is one of the areas where most property management companies fail woefully on both tenants and owners. So, if you are to select the right company, you need to ensure that you are getting the right type of customer service you would like to be exhibited on your tenants. Wouldn't it be awesome if you could just reach your management company whenever you needed? A property management company that works very hard in order to achieve paramount customer service will make the difference between headache and satisfaction. You should always expect good customer service from your property management. Additionally, any company that provides good customer service will ensure that every other aspect of their service is on point too. This is because they are always telling you about it. To get the best management relationship, a property management company must always keep the owners informed on how their property is being managed.
3. CHECK OUT THE LICENSE OF YOUR PROPERTY MANAGEMENT COMPANY
You need to be certain that the property management company you are about to hire has been licensed, and also find out the types of properties they manage. You should also ask for a list of references. If they are not willing to provide you with any kind of documentation, then forget about hiring them. No matter what their reason might be, make sure you see some documentation because this is one of the necessary ways to determine that they are a legitimate operation.
4. LET THEM EXPLAIN THE PROCESS TO YOU
When hiring a property management company, you need to ask them how their process works. They are a lot of property management companies who do not do anything but instead, throw more people at the job. They will try to win you over by saying they have the best employees while they actually do not have a specific process of running a property the right way. In order for you to get the best service, you need to employ the services of a property manager that knows the ins and outs of your property.
Here is an example of what you can expect to see from a company like ours
5. GOOD RELATIONSHIPS WITH THE TENANTS
The property management company you are about to hire should be able to keep good relationships with their tenants. Tenants should be treated with respect as they are the customers of the property. Making sure the tenants are happy will result in lower turnover, which means the owner pays lower re-leasing fees. Owners will also find it easier to re-lease their homes when the tenants are happy; this is because happy tenants will ensure that your property remains clean, and when the time to show your property to prospective clients comes around, your tenant will be more than happy to work with you. A reliable property management company that will get praised by tenants is not easy to come by. Make sure you select a company that cares, you'll get more returns on your property with them.