Finding the right property management firm is an essential investment in your rental property. Referrals, independent research, site visits, and interviews can help you choose a company that will protect your investments and help them grow.
Experience
When choosing a property management firm, it’s essential to consider how much experience they have. The more experience a company has, the better it will handle your property and market. They will better understand the area, its residents, the market, and how to maximize your investment.
Additionally, you should look at the company’s past clients and read their reviews. You should choose a company with a transparent service history and excellent communication with their clients. This will ensure that they are on top of the needs and expectations of your tenants, resulting in a virtuous cycle of high-quality tenancies, stable returns, and preserved property values. Reputable companies like Acorn + Oak Denver Property Management Company will significantly impact your investment success and peace of mind.
Reputation
Reputation is among the most important factors when choosing a property management firm. A good reputation can help you acquire new residents and retain existing ones. It can also impact your property’s visibility on Google and ultimately affect how many calls and property visits you receive.
If potential residents see that a property management company has bad reviews or doesn’t respond to negative feedback, it may deter them from calling and visiting the building. This can hurt a property’s reputation and result in vacancies. A strong reputation management strategy involves proactively eliciting feedback, listening to customers, and responding to negative reviews with thoughtfulness and sincerity.
Fees
It’s important to carefully review the terms of any management contract before you sign. Look for a company that offers clear, straightforward language that describes the types of services they provide and their fees. Also, ensure the company carries minimum general liability and property-casualty insurance.
Some firms charge a flat monthly management fee, while others collect a percentage of the rent. The flat fee structure is attractive to some owners because it makes budgeting easy.
Other companies will charge additional fees when they manage a vacant unit, such as marketing costs and lease-up fees for finding new tenants. These fees may not apply to every firm, but it’s a good idea to compare them when choosing a management company. Ensure the baseline monthly fee comes out of rent collected instead of from rent due, which will mean you’ll be paying them even if the tenant doesn’t pay.
Flexibility
The ability to handle flexible leasing options is a big consideration. As more people prioritize flexibility and travel, the demand for short-term rentals and online platforms that feature them has increased.
Space flexibility has existed since prehistoric tents, catalog housing, and universal exhibition buildings. Still, it became a buzzword during the Modernist movement. It resulted in various strategies, such as indetermination and generalization of space, separation of permanent and temporary spaces, hierarchies among spaces, service and technical areas, and application of movable partitions and furniture.
When you can’t be on-site, a property management firm can be your eyes and ears. They can prepare units for showings, screen residents, and handle issues like late renters, tenant violations, etc. You want a company that can handle these tasks efficiently and effectively.
Responsiveness
When it comes to managing rental properties, communication is crucial. If your property management company doesn’t respond to your calls, emails, or messages, it can cause stress. If the problem persists, finding a new management company may be time.
Responsiveness includes handling maintenance requests, responding to tenant issues, and resolving disputes. In addition, your property management firm should provide regular business reports that outline their current performance and future goals. To determine the responsiveness of a property management company, try to contact them during regular work hours. Also, check out their social media accounts to see if they respond to questions promptly.
