There is a well known group of investors known as the "I-Would-Never-Hire-A-Property-Manager" Club. Perhaps you are a member and that is ok. We understand! We known that property management in general is a challenging way to earn a living and is often viewed in a negative light. The reason: many investors and rental owners have not availed themselves of the opportunity to learn about the ginormous responsibilities of property management, therefore quality is sacrificed for the sake of financial savings. However, as with most things in life, you get what you pay for.
Here's the thing: poorly run property management establishments generally get all the attention while the flawless efforts of expert property managers go unnoticed....AS THEY SHOULD! A truly skilled and experienced property management company will run your rental business so smoothly that you'll forget you've hired them in the first place, enabling to do what you were always meant to do: BE A PASSIVE REAL ESTATE INVESTOR! It's a win-win situation as you are now free to expand your business or go on vacation knowing that you've left your operation in good hands as the cash rolls in.
Related: 5 Tips for Maximizing "Passivity"
Here is what you SHOULD expect when you enlist the services of a premium property management company:
Just as in marriage, communication is the key to any successful business venture and property management is no exception. Premium managers will communicate with owners regarding everything without overloading useless info on owners. You should expect to see frequent reports, necessary documentation, multiple status updates regarding your property(ies) backed by a sincere interest in your personal success as an owner/landlord. They will inform you regarding:
Expect the rent to be on time as your experienced team will never bend the rules regarding payment deadlines! They will not risk losing relationships with clients over late rental payments and respect that you have your own bills and financial deadlines which must be met. A premium property management company will volunteer to owners their system and process for rent payment collection which will be well structured and strictly adhered to.
While timely rent collection is important, every premium service provider recognizes the value of building and maintaining rapport with clientele and that includes tenants in the world of property management. Tenants must feel as though they reside in an inviting place which offers the very best service and value because they, too, are valued. Tenant contentment is paramount to a successful relationship between property manager and rental owner. Turnover will be rare, conflicts easily resolved and quality service will be delivered, thus resulting in premium tenants who are happy to stay put.
Premium property managers are pros at quickly and effectively screening tenant applications. They know a premium tenant when they see one and they will work tirelessly to retain them. Property damages, lease terminations and late rent payment will not be something owners need to worry about and that alone is worth the weight in gold!
You can expect a premium property management to be vigilant in keeping tabs on your property structure. You won't be surprised by unexpected maintenance fees because of frequent property inspections and strenuous, up-to-date documentation about your rental's condition. Expect to be notified at the very first inkling that there might be a repair facing you in the near future.
Everyone knows that rental property owners and landlords are easy targets for lawsuits. While there are valid situations where some court time might be necessary, many of these unfortunate instances are easily avoided when you have a skilled, premium property management team on your side. These professionals known the laws and are used to being sued as all property management companies get sued. It's a fact! However, premium companies rarely, if ever, lose a suit. They have effect processes and systems for everything and often handle situations well before they get out of hand. They work tirelessly to prevent them and owners stand only to benefit from such efforts.