Do you know which is the most common service provided by a property manager? That’s an important statistic when researching your property manager options.
In fact, 80% of a property manager’s duties comprise maintenance and rent collection.
There are many other things to examine before selecting a management company. Here are the top 5 factors to consider when choosing property managers.
1. Property Manager Qualifications
List your basic property management qualifications and any extra skills you need. Specify required credentials, training, and depth of experience with different types of property. Gauge each property manager’s knowledge of industry standards and guidelines.
Determine the consistency in service quality of every property manager candidate. Contact their professional references and pose the same questions to each one. Finish by reading online reviews to get a complete picture.
2. Management Services Provided
Confirm the prospective property managers provide the services you need. There are differences between residential and commercial property management responsibilities. Candidates should specify which types of property they’ve managed and how many.
Besides maintaining the property and collecting rent, property managers can:
- Screen tenant applicants
- Determine lease rates
- Track property expenses
- Resolve tenant complaints
You need to trust your selected property manager. Have confidence they can handle your requested services with minimal errors. You may find yourself liable for their mistakes.
Be careful when deciding how much responsibility you relinquish to your property manager.
3. Fees For Management Service
Don’t assume every company’s fee structure is the same. And don’t think contracting with the cheapest option saves you money. You could find hidden fees cost you more in the end.
Some property managers charge a flat rate. Others charge a commission or percentage of rent collected. Request an itemized list of property manager costs so there are no surprises.
Property managers work to keep tenant occupancy at full capacity. Doing so requires marketing, the cost of which your property manager may add to their fees. Understand this upfront and establish guidelines to control your marketing cost.
4. Property Management Service Hours
Incidents happen when you least expect and they’re never convenient. Your tenants occupy their units all day, every day so they need 24-hour service. Ensure tenants can communicate with property management via phone, email, or online portal.
Having a community online portal allows tenants to put in work order requests at any time. It could direct them who to contact for emergency situations.
5. Location of Management Company
Somewhere down the road, you may expand your property portfolio. You need a property management company that can grow along with you. Choose one in a central location that’s easy for you to access.
Exercise Due Diligence When Choosing Property Managers
Choosing property managers is as important as finding the right property. Do your due diligence and gather the information needed to make a wise decision. Ensure they’re qualified, offer your desired services, and charge reasonable fees.
Outland Real Estate is sure to exceed your property management expectations. Contact us to learn about the services we provide.