When you invest in a property such as single family housing, multi-family housing, or commercial you want to ensure that you get the most for your money, not just at the point of purchase, but throughout the life of the investment. Putting it into the hands of a property manager should help you achieve that goal. However, not all property managers are created equal. There are certain qualities that you should look for in order to get the most benefits. This is your money, your time, your venture. Don’t trust it to a property management company that is “good” or even “good enough.” Look for these qualities in a property manager and increase your chances of getting a better return on your investment.
Full range of services that can be tailored to your specific needs.
Property management goes far beyond renting out properties and making sure everything works. These is so much more to ensuring the success of an investment property and great property managers offer services that you may have never even considered, such as:
- Rental valuation
- Bookkeeping services
- Reporting for tax purposes
- Provide cash flow statements on the property
- Prospective tenant screening and selection
- Rent collection
- Legal issues including tenant evictions
- Every aspect of the tenant experience with the property
Is very hands-on in their property management approach.
Many property managers will contract out a good portion of their services, often taking key functions out of their own hands. A good property manager will keep as many services in-house as possible. Additionally, any services that are contracted out will still be closely monitored by the management company, usually an assigned account representative. This way you know that your property is being treated with the care and attention that it deserves in order to get the best return possible.
Is knowledgeable and experienced in real estate and managing rental property.
Knowledge and experience are the name of the game when it comes to property management. Experience provides a depth of understanding, an intuition, that training alone cannot provide. However, that does not discount the value of training. A company that invests in ongoing training in property management will have insight into new technology and market trends that will keep them ahead of the game and put your property in a better position to attain an optimal ROI. When both knowledge and experience are contained under one roof, you have a veritable real estate powerhouse in your corner.
Is knowledgeable in financial investing.
Yes, your property is real estate and it is important for your PM to understand that side of the coin. However, it is also a financial investment and that side must be understood as well. You need a management company that not only understands the importance of building a strong financial portfolio; they also know how to help you do it. They should give you access to tools that will help you monitor the health of your investment and track growth or changes.
Creates a connection with the property.
It is well known that people do much better on a project when they take ownership of it. Your PM should treat your property, your investment, as if it was their own. This creates an environment where the level of care and commitment to making the property successful is not only extremely high, it’s personal. You want a company that recognizes your success as their success.
Won’t charge unnecessary fees.
When you are looking for a PM it is smart to get everything in writing from the very start. Unfortunately, many property management companies are notorious for charging hidden or unnecessary fees so you have to protect yourself. Better yet, look for a company that is transparent in their property management fee structure and won’t charge you unnecessarily. Hint: a great property management company won’t charge you until your property is rented.
Is well connected in the industry.
Managing a property involves many services from appliance vendors to renovation services to landscaping. While some services may be maintained in-house, others may require expertise from outside sources. This is perfectly acceptable if the company is well connected and has good relationships with contractors and other types of companies in the industry. These networks can save you money and time while giving you peace of mind knowing that your investment is in good hands under the watchful eye of your property manager.
Provides a Quality, Cost Effective Maintenance Crew.
In a perfect world everything would work as it should. Refrigerators would always be cold and washing machines would always run easily through a wash cycle. Unfortunately, we don’t live in a perfect world so great maintenance crews are absolutely necessary. Look for a company that knows how to keep prices low by using outside contractors. Hint: a PM company that has a several properties will often receive a reduced rate. Just make sure that they only use licensed and insured vendors.
Provide exceptional customer service.
Exceptional customer service is at the core of every great company and a property management company is no exception. When you contract with a property management company you are placing a portion of your finances in their hands. You need to feel comfortable. Bottom line, you need to be able to trust them. Great customer services fosters that relationship, helping you relax while giving you peace of mind knowing that you are in good hands but if you ever need anything or have questions your company is accessible and ready to help you.
When you need a Charleston property manager you can count on Oak Trust. We provide a full line of property management services that can be tailored to your unique needs. Give us a call or complete our convenient email form and one of our friendly representatives will contact you. It’s your property, your investment, your money. Don’t entrust it to just anyone – entrust it to us.