Five things you should know about property managers before partnering with them
An experienced property management company can help all property investors, whether they’re local or international, and whether they’re seasoned or beginners. Hiring a property management company helps to take over a lot of these responsibilities, so that you can focus on earning a steady, passive income. It’s also important to choose a property management company that best aligns with your values and goals, so that you can feel confident about developing a long-term partnership.
Continue reading to learn about some factors to look for in a property management company before partnering with them.
#1: Experience and portfolio
The level of experience that a property management company has is an important factor to consider before partnering with the company. An experienced property manager will know to best take care of your property and your tenants, all while ensuring you’re receiving your return on investment.
Not only is the amount of experience important, but so is the type of experience. Many property management companies choose an area of specialization, such as commercial or residential. You should ensure that the property managers you’re looking to hire have specialized experience with your type of property.
#2: Services offered
A property management company should offer a vast amount of services to make your property owning experience as smooth and rewarding as possible. You’ll want to make sure that your property management company handles all of the responsibilities that you will require for your property.
It’s important to ensure that the property management company you are thinking of partnering with has enough services offered to take some of the responsibilities of property management from you. Some services that property managers should do, include marketing, property showings, tenant screenings, and property maintenance.
What is multifamily property management?
One of the first things you should ensure before hiring a property management company is that they serve the area where your rental property is located.
This is important because a local property manager will be able to check on your property when necessary. A property management company in Orlando will also have extensive local knowledge about rules, regulations, and real estate trends most relevant to you and your property’s success.
#4: Pricing and fees
Pricing is a critical factor to discuss with your potential property management company. It’s important that you stay within your budget and are getting an adequate amount of services for the price you’ll pay.
You should only partner with a property management company that has transparent pricing without any hidden fees. Some companies will have hidden fees and cancellation penalties, while others may just charge a leasing commission and a monthly management fee. It’s best to partner with a property management company that keeps their pricing clear and simple.
Ask us: How do I switch property management companies?
#5: Efficient communication
It’s important that property owners and property managers have a clear and efficient line of communication. Before hiring a property management company, pay attention to how quickly they respond to your emails and calls. If they’re getting back to you very slowly, they may not be the company you want to partner with.
You should also check if they have an online portal for property owners to access all of their statements and reports in one place.
Looking for an Orlando property management company for your rental property?
At Rental Heroes, we are property investors, just like you! We understand what’s most important—a well-managed property that generates a steady, reliable source of income. Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything to keep your tenants happy by handling maintenance requests quickly and responding to potential tenant issues.
Our property management services include:
- Marketing and showing your property
- Tenant screening with background checks
- Tenant evictions
- Rent collection and remittance
- Property inspections, maintenance and repair
- Monthly financial statements, and
- Expert advice on how to maximize your return on investment
- Manage relationship with HOA
- Prepare rental units for new tenants.
Ready to choose the right partner in property management?
Contact us today!