As a property owner, you may be constantly looking to cut costs, even with wanting to hire property managers who charge low rates. However, not all property management service providers live up to their name and sometimes, unfortunately, you get what you pay for.
Therefore, take your time in this decision making process to find the right management company. Whoever you hire should adequately serve your unique needs at a reasonable cost among being responsive to both you and your tenants’ requests or questions. Over the years here at Barker Realty, our team has seen and heard a lot, so we would like to share a quick list of five of the most basic, yet important, traits your new property management firm should possess.
1. Excellent Communication Skills
Property management involves interactions with different types of people of all ages, races, backgrounds and income levels. An experienced property management firm should be able to clearly and concisely communicate with everyone involved in the property management process. This could include property owners, tenants, and maintenance partners. An excellent property management firm should be able to pass the correct information regarding your property to those involved in an effective manner.
2. Trustworthiness and Honesty
If yours is a tenant occupied property, it’s likely that you will mandate the property managers to collect rent and security deposits on your behalf. The best property management firm should have your best interest at heart when performing this task. In that case, the managers should perform their duties in an honest and a trustworthy manner. It is critical that the managers should always uphold integrity when making monetary decisions regarding your property.
3. Market Rules and Regulations Awareness
The real estate market is governed by specific local, state, and federal rules and regulations. The right investment property managers should be not only aware of all these rules but also keep you up to date with them. This helps to protect you and your investment over time.
4. Standard Operating Procedures
The best property management firm should have standard operating procedures for every task. Rather than having a random approach, property managers should be able to inform you what exactly should be done when. Some of the procedures include how contracts are awarded, maintenance requests, inspections, tenant communication, application processes and practices to increase the value of your property.
5. Excellent Partner Relationships
Any tenant occupied property is bound to suffer maintenance issues. An excellent property manager should keep a good working relationship with all the maintenance partners. Working with the same partner might allow the company to enjoy lower rates and discounts at the same level of expertise. A good relationship will ensure your property is taken care of and earning you a return on your investment.
Are you tired of your current property manager offering you inferior services? Contact us today as Barker Realty guarantees excellent services each and every day!
"Let each of you look not only to his own interests,
but also to the interests of others..."