Many real estate investors use a property management company to save time and expand operations. Property managers fill your properties with tenants and keep rentals in top-notch condition.
Investors have many choices, but no one wants a subpar property manager. Investors look for the best property management company to handle their assets.
It's a big responsibility, and you want to make sure your properties are in good hands.
We'll share some indicators that distinguish the top property managers for your rentals.
Review Their Documents
Real estate comes with plenty of documents. Landlords provide tenants with documents to identify terms and agreements.
A property management company should have essential documents such as a lease agreement. Ask the manager for these documents so you can review their wording. The documents should clearly lay out the legal terms.
Visit Their Properties
A property manager gives prospects their best impression. Some present themselves as reliable allies during the honeymoon phase. After the honeymoon phase, property managers show their true colors.
Visiting their managed properties lets you see if their actions match their words. Clean, pristine properties indicate quality management. Rentals filled with trash do not receive proper management.
Properties with poorly managed exteriors likely have worse interiors. Pay attention to how a property management company treats clients. They will treat you the same after you sign a contract.
Ask About the Tenant Marketing Strategy
Property managers get tenants for you. They handle all of the marketing and fill up vacancies sooner.
Not every property manager effectively promotes your listing. Ask each property management company about the marketing plan. Managers should provide every detail about how they market your property.
Knowing the marketing strategy provides clarity, but results matter the most. Property managers with low vacancy rates come off as more trustworthy. Their experience with filling units will translate into fewer vacancies for your rentals.
Property Management Company Fees
A property management company will charge fees for its services. While this is understandable, some managers go overboard with their fees.
Expensive property management companies can produce negative cash flow due to their fees. However, a cheap property management company can also present problems.
Low-priced services may yield poor quality. Your property may suffer from neglect and prolonged vacancies.
Reach out to multiple property management companies to get a sense of their fees. You can determine industry standards and leverage other managers' fees during negotiations.
The Property Management Company for Your Washington Real Estate
Real estate takes a lot of work to grow and maintain. Buy enough properties, and it can quickly feel like a full-time job.
A property management company takes the work off your shoulders so you can reclaim your time. The best property managers fill up your units and treat your tenants with respect.
Are you looking for help with managing your Spokane real estate? We can help. Get in touch with us today to learn about our services.