Qualities of a Great Property Management Firm

July 20, 2022 0 comment

Written by: Eric Davis

Real estate investors and property owners are always on the lookout for top-producing property management companies to manage and oversee their properties. In recent years, property management companies have become a priceless cog in the intricate business of real estate and property rental investments. One of the main reasons is the fact that property managers understand the market intimately, like the conditions that make a certain address desirable and the improvements that are needed to make it even better.

We already know that owning a commercial property is one of the lowest-risk businesses that you can enter. It is an excellent way to diversify an investment portfolio and establish passive income. However, owning a rental property is only half of the story. The other half is successfully managing your property. The majority of investors find that this is the harder half. Imagine getting a phone call from a hysterical tenant with a water leak, or what if a tenant is late paying rent? If you would take this on without any help, your plan of earning a passive income goes out the window. It will become a full-time job that would take most of your time and energy.

A good property manager will save you from those situations. That is why you must think hard when choosing a property management firm. Having the right people can mean the difference between a thriving rental business and the possibility of foreclosure.

The photo shows a notice of foreclosure

Every landlord and the rental property has unique needs, so the mold of the perfect management style that works for every situation does not exist. What may work in one case could turn disastrous in another. Flexibility and the ability to adapt are just two of the characteristics that every decent property manager should possess. Today’s high-performing managers are well-trained and highly skilled individuals, which allows them to play an integral role in the success of an investment. Below are the other characteristics a property management team needs to help their clients successfully

PROFESSIONAL TENANT RELATIONSHIPS = It is essential to act professionally toward your tenant. Professionalism will smoothen any relationship.

  1. Set both of your expectations even before they move in.
  2. Make sure to let the tenants know all the important policies and dates to avoid future missteps.
  3. Ask them to advise you immediately in case there’s an issue regarding the property. Those issues may include maintenance requests or even noise complaints. Anything that you could fix to make their stay comfortable and hassle-free falls into this category.
  4. Ensure that you make them feel welcome and comfortable in the new space. You should answer all questions that might be presented to you by the tenant in a manner that they understand.

COMMUNICATION

Having proper communication is vital to the success of a building. There are several parties involved in managing a property. Make sure that there are adequate communication channels in place so that tenants can easily reach you.

  1. You will achieve multiple goals by placing a good communication line with your tenant.
  2. You will build trust and be the first to know if there is a problem that needs to be solved.
  3. You can be honest with your tenants and explain why some of their complaints are not readily fixed.

You can avoid being blasted on social media and review sites that may cause significant damage to your business.

LEGALLY SOUND LEASING AGREEMENTS

High-performing property managers know that to stay at the top, they need to keep learning about the business. That includes the market and the trends that affect the relationship between them and their tenants. They also need to keep updated on any changes in the Landlord / Tenant Legislation. Knowing if legislation or law applies to a tenant or providing advance notice of a standard rule change to a client is a significant quality of a property manager. It can help protect the landlord from expensive punishments connected to non-compliance.

The picture shows that there is a law between landlord and tenant.

 The rental lease agreement will help the landowner and tenants to avoid disputes. If a problem arises, your signed contract will help you resolve that issue. Additionally, state laws often require lease agreements to explain a landlord’s responsibilities and give rules for tenants living on his property.

Anyone who wants to lease a property, including a home or room, commercial building, or land, should use a rental lease agreement. Otherwise, the landlord could:

  • Lose rent money
  • Be liable to take responsibility for illegal activities that tenants engage in on the property
  • Be expected to suffer consequences for neglected utility expenses
  • Must spend a lot of money to deal with property damage repairs

MAKES SAFETY A PRIORITY

One of our greatest concerns is the security of our residents. We work diligently to ensure properties are protected both internally and externally. From smoke detectors to lighting to well-maintained staircases, we make sure to minimize the possibility of an accident by providing the best facilities/gadgets that are available. As a service provider, we make sure that we make your tenants feel valued. We strive to make the extra effort and give incredible customer support. It can also help reduce the vacancy rate of our property. Establishing and maintaining a decent and good relationship requires an intentional effort that most property managers can’t deal with. Think about hiring a qualified property management company to provide good and professional service to your tenants.

It shows a security camera on the property.

Property management takes effort to perfect. Whether you’re a big-time investor or someone who is just starting your journey in the business world, you would need a reliable partner that could take the burden off your shoulder.

DPM representatives continually seek to build strong service relationships with everyone. We understand that service is as much a state of mind as it is an intangible product. We aspire to expand every service capability and are proactive in identifying future service issues in a timely fashion. Call us now at 425-658-7471 or send us an email at [email protected].

For more information, watch the video below:

 

Link references:

https://www.investopedia.com/terms/p/property-management.asp

https://www.investopedia.com/terms/f/foreclosure.asp 

https://www.seattle.gov/housing/renters/know-the-law

https://www.seattle.gov/sdci/codes/common-code-questions/rental-agreements

Davis Property Management

At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.