If you’re investing in real estate and your choice of investment property is to own rental properties, then one of the best assets available for you to hire is a professional property management company.
A professional property management company will handle all the aspects related to your rental property that you do not have the time, the knowledge, or the capacity to handle on your own.
Rental properties, especially apartment buildings and condominium communities, require extensive amounts of time and effort for managing and running them. Between tending to all the tenants, managing and recordkeeping all finances, hiring professionals and contractors, or maintaining the properties and repairing any damages – these are a lot of responsibilities for you as a landlord or an owner of a rental property to handle all by yourself.
For this reason, a professional property management company is your best choice to hire if you want to maximize your rental income and provide your tenants with the best services during their stay.
A professional property management company will provide a wide range of services to the landlord depending on his/her needs and the service package that he/she is buying. But property managers are not all equal when it comes to the quality of the services that they provide and their assumption of the responsibilities associated with your rental property.
Related: Professional Property Management: A Key to Success or a Waste of Money?
So, what makes for the best professional property management company to hire when you’re investing in a real estate rental property?
The best professional property management company will have a team and a leader
A good property manager will be a leader and will have a team which consists of a number of professionals and experts in the different fields that are required to manage your rental property.
When interviewing or meeting with a property manager, you will also want to meet the other team members who will be managing the property under his/her leadership. The best property management teams will have a strong and confident leader who is always on top of things and who has the ability to lead the team for the interest of your rental property. A property management team should consist of a number of professionals and experts, such as a financial and a legal expert, and will work closely with the property manager or the leader and provide him/her with guidance and advice on the different aspects that they specialize in.
Keep in mind that the main reason you’re hiring a professional property manager is that the responsibility of managing your rental property/properties is too much for one person to handle.
Related: Should Investors Do Their Own Real Estate Property Management?
If your property manager is working solo, it would be best if you steer away and find a professional property management company with a large enough team to handle all aspects of your rental property management with the highest quality of services.
The best professional property management company will be on top of communication
Perhaps the most important aspect to consider when looking for the best property manager is the ability to communicate. Communication is essential for any professional property management company. A good landlord will hire a property manager who is always available for communication, whether it by phone, by email, or any other means.
A good property manager will also always keep you up to date on all matters related to your rental property. He/she should be transparent and let you know whenever any problems arise or are solved.
In addition to communication with the landlord, a good property manager will also establish good communication internally and with the different team members or departments inside the company itself.
But most importantly, a great professional property management company will also be available for communication 24/7 for the tenants. The tenants residing in your rental property should always feel like there’s someone for them to communicate with or to reach out to whenever they face any problems or when they have any questions or concerns.
Finally, a good property manager will be a good listener. No matter how many years of experience he/she has in the field, a property manager should always listen to what you, the landlord, have to say and what your goals and desires are.
The best professional property management company will be up to date
The real estate laws and regulations that dictate and affect rental properties in any city or state can change at any time, and most often you will not hear about it in the news. A good property manager will always keep him/herself up to date on any changes in the laws or regulations that might affect your rental property and he/she will keep you up to date on these changes as well.
In order to avoid any complications or suffer any unexpected consequences, a property manager should always have a plan to make the necessary changes or adjustments based on the latest real estate laws and regulations in the area of your property.
The best professional property management company will handle the finances
Another major advantage of hiring a professional property management company is to relieve yourself from most financial aspects related to your investment or rental property. A good property manager will always keep records of all financial documents and receipts related to your rental property. A professional property manager will manage bank accounts, collect rents and security deposits, and handle taxes for your property.
Additionally, a great property manager will frequently send you financial reports related to your rental property. These reports will include all expenses, maintenance costs, financial estimates, and other financial aspects that can keep you up to date on your rental property’s finances and help you better manage your investment.
The best professional property management company will provide you with the services that you need
Lastly, the best professional property management company could have all of these features, but he/she might not provide the specific services that you’re looking for. Before hiring a professional property manager, make sure to ask him/her about the different services that he/she provides and the different packages he/she has to offer. Some property managers might provide a wide range of services that meet your needs but might lack a specific service that you’re especially interested in.
Make sure to consider a number of different options and decide on the best professional property management company that meets all your needs and that possesses all the different characteristics and traits to make it good.
Bottom Line
Any real estate investor or landlord who owns a rental property knows the value of hiring a professional property management company. Although property managers can be costly and will often charge 8-12% of your monthly rental income – in most cases the value that they add to your real estate investment can be more than worth the money.
Related: When Are Property Management Fees Worth it for Real Estate Investors?
Naturally, you should make sure to consider your choices very carefully and choose the best property manager for your rental property if you want your money to be well spent and give you more value in return.
Finally, if you’re still considering investing in rental properties but can’t find the right one for you, make sure to visit Mashvisor and start your property search there to find the best performing rental properties with high potential for returns based on accurate readings and calculations!