Learn from our property management experts!
In this connected age, more and more renters are searching for properties and making decisions based on what they find online. You will want to look for a company that can reach potential tenants where they are – the internet. It is not only about having a great website and property listings. Renters also expect to be able to make maintenance requests, pay bills, and stay updated on property changes digitally. When you find a property management company that has invested in technology, this is a sign they are also invested in keeping vacancies low and customers happy.
As you begin to narrow your search, you will want to compare the management fees of local companies or search for the averages in your region. Determine what is a fair and reasonable percentage, with the understanding that you often receive the quality of service you pay for. Keep in mind that a lower fee does not always signify savings for you as the owner either. If a low-fee property management company does not have the same dedication to quality, your “cost of vacancy” may be much higher when tenants move out due to a negative experience with that company’s staff.
Do not be afraid to ask straightforward questions when interviewing a potential property management company. Ask them to offer specific examples of times they resolved a conflict with a resident or vendor. Understandably, residents may experience higher levels of emotion when it comes to unforeseen concerns with their apartment or rental. They view this wonderful property as their home too, and you want to find a management team that can handle their needs with sensitivity to reach a solution.
If possible, take a few in-person tours of the properties the group manages. Consider the cleanliness, safety, and aesthetic of each location. Look for things like functional outdoor lighting, waste receptacles, and landscaping. If you visit a property with poorly maintained flower beds, broken amenities, or noticeable overflowing garbage, this is a sign that the management staff is not paying enough attention to detail. Oftentimes, residents may decide to vacate a property that is not maintained to their preferred level of care.
Your residents may have concerns that arise outside of regular business hours, so if your rental property does not offer any after-hours assistance, you may want to take a closer look at their commitment to resident satisfaction. One benefit to using a property management company is the peace of mind knowing your tenants’ needs will be addressed immediately, without requiring you to take valuable time away from family or work to resolve the issue.
Few things are more valuable than real testimonials from their residents and clients. Ask the property management company you are considering for referrals you can contact, or use reputable online review sites to research their satisfaction rating. Ask the referrals what they liked and did not like about working with the company and their staff. You can bring any negative feedback to the company’s attention in case they made relevant changes. Receiving more positive feedback, especially in areas relating to responsiveness and tenant satisfaction, is an excellent sign you are choosing a trustworthy group to represent your property.
The experts at MMC Properties are professionally-trained experts with decades of experience in real estate and residential management. If you own an investment property with the intention to rent, call (615) 849-9006 to speak with an MMC Properties staff member today.