Many enterprising property owners find the need to enlist the help of a Property Management Company. This could be a number of reasons, for example, these property owners are just starting out in the property management industry and need to learn the ropes, they are living abroad or away from their investment property, they find that it is easier to delegate some (or all) jobs to the experts, etc.
Unless you are confident and experienced in property management, enlisting the services of a Property Management Company is the more prudent way to go. If you are a property owner looking to find the perfect Property Management Company for you, there are a few things to consider. Remember that in most cases, you get what you pay for. There can be a lot of Property Management Companies vying to manage your property for you, all promising to take care of it like their own. It is up to you to believe the best promises or to do due diligence and carefully consider each Property Management Company. So how do you find a reputable Property Management Company?
The Property Management Companies worth considering should have a strong local presence. An extensive understanding of the local market is a must to be able to manage your property well. They have a strong grasp of pricing, timing, and appropriate marketing strategies. Don’t just get one because they are popular or come highly recommended by a friend – what works for others might not work for you or might not fit your unique needs. Start your search with those who are based in the local market. Not only will they give you reliable local insight, but they will know which local contractors and service providers are the best at what they do.
Word of Mouth
Following the previous advice, you can narrow down your search to the best local Property Management Companies that come highly recommended through word of mouth. Who are your local Property Management Companies that have an impeccable reputation? Who are the Property Management Companies who have made a big beneficial impact in the community? Who are the industry favorites in the local area? Your list will start off with recommendations from friends or like minded property owners. Add your own favorites to this list. You can also do a local Google search and start from there. Narrow that list down the companies who you think would best represent you and your property and start the interview process from there.
Of course we all want to hire the best. The way most people do it is to ask their friends and other property owners who they have enlisted to help them manage their properties. But here’s a pro tip: you can also talk to contractors and service professionals about who comes highly recommended. You can ask landscape companies, maintenance companies, realtors etc for recommendations. Once those come in, examine their online information. Do they have pertinent information on their website? Do they have good reviews? What services do they offer and what are their rates? Are they easy to get in touch with? Do they have free consultations?
You should also check their sales record and how fast they can sell or rent out a property. While sales records are a good way to discern if they will be an effective Property Management Company, you also need to go beyond how many units they have sold or rented out. It is advisable to check how fast the Property Management Company can sell or rent out. This might come in handy for rental property owners as they would have to fill vacancies in their rental properties right away.
Create a shortlist of your top Property Management Companies
Three to five is a good number to have as a shortlist. Check their reputation and their references. Once you have a handful, you can start your elimination process. Start calling them up and ask for a consultation or a meeting. Those who don’t return your call will straight away narrow down your selection. It could be hard to decide over the phone if the Property Management Company you’re talking to is the one for you. So it’s best to ask for a meeting and have a few questions ready.
A face to face meeting with your shortlisted Property Management Company will help with two things:
1. It will help you assess their communication skills
2. It will help you examine their process
● Communication skills – You need to be able to rely on NOT JUST their expertise but on the communication skills of the Property Management Company you hire. Be sure that you can communicate your goals and targets and explain clearly what yours and their responsibilities are.
● Management process – How does the Property Management Company operate? Do they clear policies that are bound by the law? Do they have a good marketing strategy for your property? What is their screening process? How do they go about with onboarding new tenants? What are their protocols for repair, maintenance, and inspection?
Make sure you are able to talk about these points with the Property Management Company you are screening. Someone reputable will work with you and will help you understand when things are unclear. They will want a comprehensive working relationship right off the bat.
Ask for certifications and licenses. Ask about their experiences with managing the same type of property you have (rental apartments, condominiums, commercial spaces, multi-family homes, single-family homes, open plan workspaces, etc.)
One such Property Management Company with local expertise and extensive experience is Davis Property Management. With decades of managing properties all over the greater Puget Sound area, you’ll benefit from our wealth of experience and local connections. Our clients are extremely satisfied with our services. We’re happy to answer your questions about property management and how we can be of service. Schedule a consultation with us today! Call us today at 425-658-7471.
Davis Property Management
At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.