There is no substitute for an effective property manager. A highly skilled, resourceful property manager can save owners and investors thousands of dollars and can help establish a good name for your rental complex. But top-tier property managers are not always easy to spot. The key is to know which qualities combine to make a successful property manager. Below are the top four qualities to seek in an effective property manager.
1) An outstanding industry reputation
The path to finding an effective property manager begins with a careful evaluation of area firms. Unfortunately, the property management industry is filled with agencies that are all too eager to take your money, but who seem to disappear when you need their services the most. Fortunately, in today's digital age, you have access to online reviews of property management firms. These reviews can help you separate the best from the rest. Here are three things to look for as you review a property manager's background:
- At least 500 Google reviews to showcase industry expertise. Look for companies that have average rating of 4.5 to 5 stars.
- Excellent reviews from employees that feature positive comments about work practices and company culture.
- Active social media pages that provide updates and helpful information to property owners and tenants.
2) Superb accessibility
Property emergencies are unpredictable, often striking without warning in the middle of the night or on holiday weekends. Seeking a property manager that is easily accessible by phone, email, text, or face to face visit is essential to keeping property well-maintained and boosting tenant satisfaction.
As you evaluate prospective property managers, look for those who return your calls quickly and provide answers to your questions without hesitation. A lack of responsiveness to you is often an indicator that the firm will be equally unresponsive to tenant needs. Likewise, property managers who have information at their fingertips often have an organized approach to the properties they are managing.
3) The ability to prioritize problems and requests
Not all tenant problems or requests are equally urgent. It is the property manager's responsibility to determine which inquiries are the most urgent and tend to those first. This is a skill that usually comes with experience and one that is especially critical when managing a large number of rental properties. An effective way to assess a firm's ability to prioritize is to look for companies with an experienced team of professionals with years of industry experience.
4) An impressive in-house maintenance and support team
As a property owner or investor, you were likely drawn to the prospect of owning rental properties because it is a means of increasing your income. So the last thing you would want is a property manager who is known for outsourcing all of their maintenance tasks to greedy subcontractors who will eat into your bottom line margin. You can avoid this pitfall by asking prospective property managers the questions below:
- "Do you have any full-time in-house maintenance staff?"
- "Do you use subcontractors? If so, in what capacity do you use them?"
- "On average, how quickly do you respond to tenant requests or complaints?"
- "Do you have an in-house collections agent or do you outsource your collections and billing?"
- "Do you have an online owner portal to facilitate requests and communications?"
Your trusted resource for five-star property management
An effective property manager can be the difference between constant headaches and painless property ownership. If you are looking for help overseeing your investment property, we invite you to contact us at Reedy and Company to discover why we are Memphis's most trusted property management firm. With nearly four decades of industry experience, our team of professionals has the resources to help your investment property thrive. We look forward to serving as your trusted resource for all of your property management needs!