I don’t write these posts to be advertisements; I want to provide helpful advice to all owners. We’re often praised by our clients for our policy on late fees from tenants (we believe that any late fees from tenants belong to the property owners – not the property management team), but there are many more considerations to be made when choosing the best company to manage your property. I want to share 3 of the most notable with you here.
When you’re looking into property management services, it’s vital to find the right property manager. You’ll want to look for a management team that views your property as the asset that it is, not just another leasing company that handles rent collections, repairs and gets your property ready to be leased once again. No. You want a management team who is willing to put the welfare of your property and your cash flow at the top of their list. Managing your property is a multi-faceted task. It’s not about property management; it’s about managing your property. Here’s what it takes to be an effective property manager.
Provide Proper Screening of Prospective Tenants
One of the biggest aspects of property management is tenant screening. It’s important to have tenants meet certain criteria to ensure that they can be trusted with your property. It’s also vital to ensure that tenants have enough available capital to pay their rent on time. Effective property management involves traditional background checks such as credit scores, rental history, evictions, and criminal records checks. The previous landlord should be interviewed about the tenant. Ask if they would they re-lease to them, and if they take good care of the property. Verifying employment and requiring that all tenants have 3 times the rent amount available for their monthly income. At Monte Davis Property Management, we add an additional layer of protection to this by requiring that all tenants bring in at least three times the amount of gross rent in income.
Perform Regular Preventative Maintenance Checks
You don’t want lipstick and bubblegum repairs when it comes to your property. If your property needs repairs, you need to know, and you need to be assured that any repairs made are done correctly. Your property needs regular preventative maintenance checks in order to stay in good condition. This means that property managers should conduct regular and surprise inspections. You’ll want the interior and exterior looked over. For example, are your trees in need of pruning before they become a danger to your building or someone. You’ll also want proof that these inspections have been done, not just a list with checks. Photo and video evidence are just parts of good practice. Being proactive on preventative maintenance is key to lowering the costs of ownership. This ensures that you can rest easy, knowing your property is being properly managed. A property that is well maintained will fetch higher rents, and lower tenant turnover. In the case that you do have to sell, you will have less preparation work prior to showing and selling the property as well as leasing again.
Take Care of Problems So You Don’t Have To
Even in the best situations, problems can occur. Issues can also pop up with neighboring properties. Disputes over parking and trash are part and parcel to property management. Tenants are human, and can bring their problems into the mix. These problems can make their way into your life, especially if these issues create problems with paying rent or lease infractions. A property manager can assist in minimizing the impact these routine issues have on your life. We can help by making sure you’re able to avoid problems or head them off at the pass. In most cases, this can involve keeping communication lines open with tenants and neighboring property owners. Sometimes parking may need to be revamped, fencing, or garbage removal may need to be handled differently. A great property management company will make sure you’re in the know so these routine issues don’t catch you off guard.
If you’re a property owner that has managed properties, you still need to be proactive. You shouldn’t have to ask for all of the above. You should be in the know at all times when it comes to the condition of your property. If you’re not getting this kind of detail from your property management company, you may want to consider a change. The only way to ensure that your property is kept properly is to know your property management company has your back.