If you're a rental property owner or real estate investor, you need a team of professionals by your side. According to recent data, the property management sector is a $99.5 billion-a-year industry.
Whether it's your first time owning a rental property in Charlotte, NC, or you've been a landlord for years, a property management company is a smart investment.
Read on to discover seven traits of the best local property management companies to help you find the one right for you.
1. Years of Experience
Property management services with years in the local market are always a wise choice. The more expertise local property management companies have, the more they can help you manage your particular property.
As you look for a company to hire, ensure they're familiar with the latest state and local rental laws and regulations. They should also know about any new building codes and how to best attract tenants.
Ask the company how many years they've been in business and how many clients they have. It's also a good idea to find out what types of properties they manage including the size, how many tenants per unit, and which neighborhoods. A solid and long-standing track record is one of the most important traits of a high-quality property management company.
2. Great Communication Skills
A good property management company is only as good as how it communicates with clients. Honest, open, and frequent communication is vital to establishing and maintaining and trusting relationship.
Make sure you choose a service that's transparent and clear on how it operates, how it handles tenants, and how it executes your specific needs. You should easily be able to reach someone there at any time, day or night.
Look for a service that offers easy communication methods, whether it's through telephone calls, online web forms, text, or email. The more communicative the property management company is, the easier they'll be to deal with when you need their help.
3. Local Property Management Companies: Professionalism
Excellent property management companies handle every transaction with the utmost professionalism. Whether it's dealing with the stresses of the eviction process or going through intense tenant screenings, maintaining a professional tone is important.
Choose a service that communicates in an honest yet professional way not just with you, but also with all tenants. Looking for this one trait is the best way to ensure you've chosen a property management company that can handle almost anything that occurs.
4. Transparency
Honesty is important in any business transaction, including property management companies. Make sure the service is more than willing to provide you with any information you seek.
Whether you want to know more about their customer reviews or you'd like to look more deeply into their history, the company should be happy to provide this information to you. Accountability and transparency are hard to find these days, so make sure you add them to your list of crucial traits.
Ask the company how they handle conflicts with tenants, what they do during the screening process, and how quickly they deal with maintenance issues. The more information you can gather, the better. You can also go online and look for customer and client reviews there to get a better idea of how they deal with tenants and other clients.
5. Choose a Company that Cares
The property management industry is a lucrative one, but finding a company that's passionate about what they do is key. Look for a service that truly cares about its clients, every property it manages, and its tenants.
People who are passionate about what they do make all the difference. Select a company that strives to do better and be better at every opportunity.
Not only will this lead to you being a happier real estate investor, but your tenants will be happier, too. When someone cares about what they do, it's usually pretty apparent, so it'll be easy to see whether or not the property management company has these traits after a few interactions.
6. A Solid Maintenance Plan
One of the most important aspects of property management is the maintenance of each property. Look for a company that has an easy, effective maintenance service and process in place so tenants and landlords can address problems quickly and easily.
The best property management services should have reliable, trustworthy, and fully vetted maintenance staff on call 24 hours a day, seven days a week. This will give both you and your tenants peace of mind if something ever goes wrong. It also leads to much happier tenants in the long run.
A solid maintenance plan goes a long way in helping to protect your property and it gives tenants a sense of safety and security. Not only that, but landlords who deal with maintenance issues quickly tend to keep their tenants for much longer. Maintenance and other perks like online portal access only add to the overall value of the services you'll receive.
7. Excellent Organization
A well-organized property management service takes the burden off of you so that you're able to focus on other things. Choose a service that keeps excellent records and has a solid accounting plan in place.
When the company is well-organized, it makes it easier for you to track payments, deal with marketing, and handle your business from afar. Don't be afraid to ask the company how they prioritize administrative tasks and what they use to keep records.
The more organized the property management service is, the better off you (and your tenants) will be. Look into how they manage local laws and deal with maintenance repair tickets ahead of time so you have peace of mind.
Find Your Perfect Property Management Company
Remember these crucial traits as you look for local property management companies near you. With the right attitude, excellent organizational skills, and honest transparency, you'll find the right property management service to handle your investment property the right way.
If you need property management for your properties in Charlotte, NC, contact the pros at Bottom Line Property Management today!
