Every owner of rental properties deserves certain things from their property management company. They deserve honestly, respect, transparency, dedication, etc. etc. The list goes on and on. However, if you really want to hone down the list of things a property management company absolutely must have, you must look far beyond positive character traits. Unfortunately, there are many really honest, respected, transparent, dedicated, etc. etc. property managers out there who simply do not get the job done for their clients. This is because they do not have these three abilities that every real estate investor should demand from their property management company:
- The ability to manage rents from A to Z
This means the property manager must not only be able to collect rents effectively; they must also be able to analyze rental market conditions. A property manager who really understands rent management will be able to tell you what types of updates you should be considering for your properties and how those updates might affect monthly rents. They should, of course, also be adept at collecting those rents once the leases are signed.
- The ability to effectively manage tenant relationships.
Good property managers are able to collect rents from tenants and keep properties in decent shape. Great property managers collect rents from satisfied tenants and optimize properties for the best performance and returns possible. This includes handling maintenance requests and emergency repairs, screening tenants effectively, and keeping tenants in place for the duration of the initial term of their lease and beyond.
- The ability to fill vacancies quickly and effectively.
A property management company simply cannot be a great company if it cannot fill your vacancies quickly and with tenants who are qualified to live in your units. This is the hard truth. When your rental sits vacant, your returns plummet, your reliable source for payment on any leverage is compromised, and the overall status of your portfolio falls proportionately to the length of time the property remains empty. Property managers use a variety of methods to fill vacancies, and they should be able to discuss those strategies with you prior to signing a management agreement. At OPS, we use a combination of strategies that keeps potential tenants constantly in our pipeline for owners, including online marketing, offline marketing, and compelling property listings.
Wondering what else makes a good property management company great? Learn more at OlsonPropertyServices.com.
