Choosing a property management company for your rental property means selecting a partner to assist with your investment. As such, picking the right property manager is crucial to your income property’s success.
The right property manager can help your investment run smoothly by maintaining tenant relationships, minimizing vacancies, and being proactive about maintenance. A good property management company can ultimately save you time, stress, and money.
As an investor, what should you look for when comparing and selecting a property management company?
Personalized Service and Support
No two properties or investors are the same—their needs will differ, and so should the services and support your property management company offers.
You should have options for the services you receive instead of a standard package that includes services you may not require for your investment property, such as maintenance or rent collection. Of course, all-inclusive packages should be available as well.
A reputable property management company should be able to accommodate your property as your needs change over time. For example, you may want more involvement in the beginning but less as time goes on, or vice versa.
An Established Communication System
Property management companies exist to make property management easier, not more complicated. Any experienced property management company should have an established communication protocol and even a software system to streamline tenant-landlord communication.
This communication can include notifications for when it’s time for tenants to do maintenance, such as checking smoke detectors or changing air filters, and reminders about payment or inspections. It can also include emergency announcements and communication.
Having an established system for such correspondence can ensure you as the landlord, your tenants, and your property manager stay connected and aware. Such communication can also prevent common maintenance problems and even save lives in an emergency.
Costs and Fees for Services
Although price shouldn’t be the sole consideration when selecting a property management company, the costs and fees for an agency’s services matter. Most property management companies charge a percentage of the rent or a flat fee based on the property and the services you require as a landlord.
When comparing and selecting a property management company, determine how they structure their fees and what costs you can expect to pay for services monthly. It’s also important to ask about additional charges for things like emergency services and evictions.
Ask About Their Tenant Screening Process
One of the most important factors when choosing a property manager is their tenant screening process. Your tenants directly impact your investment’s profitability because they take care of the property day in and day out.
The company’s tenant screening process should include, at the minimum, a credit and background check, employment verification, contact with previous landlords, and a tenant interview.
Ultimately, the tenant screening process lays the groundwork for you to have reliable renters and reduce vacancies, so it’s crucial to consider this when hiring a property management company.
Ask About Our Services at FAS Management
FAS Management knows how important it is to have a reliable property manager, which is why we offer affordable, flexible, and dependable services to investment property owners in DC and Maryland. Call us today to discover more about our property management services at (202) 337-5080.