5 Essential Qualities of a Rental Property Management Company
While some property and homeowners may believe that all residential property management companies are created equal, this is not the case. Any owner that has had a bad experience with property management can attest to this. It may seem like an owner may save money by employing the management company with the lowest rates, but they risk losing so much more in the long run. That’s why it’s important to put your rental property management in the best hands from the beginning. At Wolfnest, we believe in transparency and exceeding expectations. So, we’ve compiled the top five qualities you should look for when hiring a rental property management company.
Qualities to Look for in Rental Property Management
There are a lot of different factors to consider when choosing who will handle your rental property. While all are important, we have narrowed down the top five that we consider the most important and that will make the biggest difference in your property management experience.
Good Communication Skills
This may not seem that important, but good communication is very important in property management. A great property management company should be able to articulate what is happening with your property at any given time. The property manager interacts with many different people, including tenants, owners, and maintenance partners. So, the manager must be able to keep all parties on the same page. This is especially critical since many times these individuals might be frustrated or angry about something happening at the property. When dealing with these types of situations, it is imperative that the property manager remains calm and respond in a professional manner. If you feel like you can’t talk to your manager, why would you want to put them in charge of the day-to-day of your property? Open and easy communication is the first attribute to look for in a rental property management company.
Honest and Ethical
Since the property management company is collecting rent, security deposits, and other expenses, owners have to put a great deal of trust that the manager will always look out for their best interest. When the management company is hired, they are agreeing to uphold their fiduciary duty and perform the job with the highest level of integrity. This is why it is crucial that the property manager you hire will always consider your needs when making a decision about your property. With good communication skills, you should be able to establish the level of trust needed between you and your rental property management company.
Excellent Follow-Up Skills
In business, it’s extremely important to stay true to your word and do what you say you will. Unfortunately, this is not always the case. If a property manager says they will look into a maintenance issue and get back to you later that day, you expect them to follow-up. When you’re putting your property into the hands of someone else, you expect to be kept in the loop. It can be difficult to let go of control of your property, but sometimes it’s necessary when you have a busy schedule. So, always determine how efficient the company’s follow-up skills are before hiring them. This way, you’ll know what you’re getting into and can find the best property management company for your rental.
Valuable Maintenance Partner Relationships
Unfortunately, something will break and inevitably need to be fixed with every rental property. As an owner, you should have peace of mind knowing your property management company has relationships in place to have these issues resolved correctly and in a timely manner. You should also feel confident enough in the property management company to keep existing relationships you may already have. Maintenance is simply a part of owning any rental property, and part of hiring a management company is transferring the responsibility to them. So, just as you should trust your manager to be honest and ethical, you should also trust them when it comes to valuable maintenance partner relationships.
Knowledgeable on Rules and Regulations
Many owners may not realize there are many local, state, and federal regulations you must adhere to when renting a property. If these are not compiled within the leasing agreement, an owner may be opening themselves up to future lawsuits. One of the perks of hiring a rental property management company is they have knowledge of these regulations. At least, they should. This is an important factor to consider when choosing your property management company. They should already know about these regulations, and how to adhere to them. So, in order to protect yourself in the long run, find a property management company that knows all the ins and outs of the different renting regulations.
Finding the Right Rental Property Management
While these are the top five qualities to look for, these aren’t the only things to consider. The most important part of finding the right property management is doing your research. It is critical to know what you’re getting into before going into business with a property management company. However, keep these top five qualities in mind:
- Good communication skills
- Honest and ethical
- Excellent follow-up skills
- Valuable maintenance partner relationships
- Knowledgeable on rules and regulations
These are a great starting point for anyone looking for a property management company for the first time or reevaluating your current management. So, if these qualities do not describe your current property manager, Wolfnest is here to help. Download our free information packet to find out how we can improve the performance of your rental property.