Tips For Hiring the Right Property Management Company

Hiring a property management company can be a great move for property owners, however, it is important to know how to choose the right management company, and that requires a bit of knowledge and research. Here, we’ll explore some of the key benefits of hiring a third party to manage your community, and how to make sure you choose the right management company for your needs.

Property management firms will be handling a variety of day to day operational tasks as well as making decisions on your behalf, so do your homework during the hiring process. If you have multiple properties or apartment communities, make sure the company has the bandwidth and experience to handle the management of multiple locations. Check their industry ratings and reviews, as well as resident reviews from communities they currently manage – they’ll give you a window into issues that are of concern to residents and how they are handled by the property management team.

Great property management companies will perform a wide variety of functions that can bolster your bottom line. From evaluating the competitive submarket and determining market rental rates to marketing the property, your management company’s decisions can help cultivate a great reputation for your community. Combined with comprehensive resident screening and selection, they can help fill your community with high quality, long-term residents. The result? A vibrant, fully leased property that’s in high-demand.

Property managers handle every aspect of leasing, from security deposits and move-in to rent collection, inspections, move-out, plus any legal issues, evictions, or other concerns. They should also maintain detailed documentation of monthly cash flow statements, rent payments, insurance, invoices, inspection reports, warranties, maintenance, repairs, and property upgrades that will make tax time easier for you.

Property managers are also tasked with periodic inspections to determine any pending repair needs, identify safety hazards, lease or code violations that may be present, and then taking steps to ensure compliance. They’ll also handle maintenance, repairs and remodeling, maintain common areas and outdoor landscaping, emergency repairs and oversee all the work on your behalf.

Most important is how your property manager hires and trains the staff at your community.  On-site staff are the front line and can literally make or break the success of any community.  Training programs, strong corporate support, and continual oversight are essential to all of the above.  

Key Benefits of Using a Third Party Property Management Company

Shorter Vacancy Cycles: This key benefit is driven by keeping the property maximized for revenue, setting market rates for rentals and a solid property marketing program.

Better Tenant Retention Rates: A great property management company will help reduce resident turnover by implementing a proven retention program that rewards good tenants and shows they’re valued as members of the community.

More Consistent Cash Flow: Collecting rent and late payments in a timely manner is a job in itself. Great property managers handle this task efficiently, so cash flow remains consistent.

Reduce potential legal problems & other financial headaches: Good property management companies provide solid resident screening while maintaining their integrity by staying in line with Fair Housing laws to help you avoid evictions, as well as potentially costly and time-consuming legal battles.

Lower Maintenance & Repair Costs: Keeping properties in top condition requires handling repairs and maintenance quickly and at a reasonable cost. Your property management company will maintain a network of licensed, bonded and insured contractors who have been vetted for pricing and quality.

The bottom line? Hiring a third party property management company not only helps you maintain the value of your property but also increase the value of your investment year over year. You get less stress, and more time to focus on your business investments without having to worry about every little detail because they have that covered for you. Overall, everyone wins.

To learn more about how P.B. Bell could be your next property manager click here.