Choosing a Property Manager to entrust with your properties can be a daunting task. Choosing the wrong firm can cause unwanted headaches or worse cost you big money! So what makes a good property Management firm? Here are some key factors and questions that will help you decide on a firm to watch over your hard earned investments.
Legal & Licensing
Missouri law requires a licensed Broker to oversee the activities of the property managers and handle any exchange of funds. Check to make sure the firm is Licensed and in good standing with associated board. Is the broker an officer in the company or a hired hand? The broker bears responsibility for the actions of their PMs and should have leading interest in the company.
Ask to review the Owner Leasing/Management contract.
Some Firms charge for Marketing Your Property even if it’s not rented! Never Pay an Unoccupied Advertising Fee.
Property Damage can take significant chunks out of your profits. This can come in many forms but the most prevalent is Tenant caused or neglected preventative maintenance. Check to see if the firm has a preventive plan in place that will protect you.
Reputation & Reliability
80% of people trust online reviews the same as from a friend or family member. Check the firm’s online reviews or search forums for post that give hints to how their customers and clients experiences have been and if they are happy or frustrated.
How easy is it to communicate with them? Is their contact information readily available and do they offer multiple ways to reach them, i.e. Phone, Email, text, Online?
Do they own or lease their office space. Many Property Managers come and go, Office Ownership can speak to the firm’s long term commitment.
Look beyond the Plans, Policies, Procedures, and offerings and get to know the people behind them. Are they likeable, are they folks you can relate to, share common interest or values with. These folks will be overseeing some of your most valued investments and you have to believe they share enthusiasm and interest in your property with you.
Technology & Efficiency
Do they utilize technology efficiently to maximize profitability to your bottom line?
Do they have a specific target market of property types and locations that they are willing to take into their portfolio or do they simply want to sign up anybody or any place that will add to their income. A company with a specific focus will have greater market knowledge of that area and be more efficient in handling issues when they arise.
Online Access to Your Account where you can log in and see ….and get instantly, expand
Click to communicate,
Marketing a property to maximize reach and fill vacancies quickly is essential to making or breaking profitability on a property. In just one month a property can lose over 8% of its annual return. Do they offer a concise Marketing Program that includes professional style photography and video? Syndication of your homes ad across the internet in key locations that residents search for homes? Look at their ads for current vacancies, do they look professional? Is all the information tenants would want about the property available? Are there easy, click, call to actions for prospects to setup a showing?
Besides being efficient, utilizing advanced technology is also sustainable to our environment and reduces negative impacts on it.