Owning rental properties is a fantastic business opportunity, but it’s a lot of work. Screening potential tenants, communicating with clients, scheduling maintenance, collecting rent – it’s more than one person can handle. Whether you’re in charge of a condominium association, an apartment community, or managing a commercial property like a shopping center or industrial park, you need a top-tier property management company to help you shoulder the burden.
Choosing the right company can impact profitability, tenant satisfaction, and overall property maintenance. But how do you know you’ve found the right candidate? Here are six things to look for in a property management company.
1. Experience and Reputation
When entrusting your property to a management company, experience matters. A company with a long track record in the industry is more likely to handle challenges efficiently, from tenant disputes to unexpected maintenance issues. Look for a firm with extensive experience managing properties similar to yours, whether residential, commercial, or condominium associations. For example, Crowninshield Management has been dedicated to bringing their management skills to both residential and commercial properties in New England for over 50 years, meaning extensive experience that clients can rely on.
Reputation is equally important, as the reputation of your property management company directly impacts your own. Research online reviews, ask for client testimonials, and seek recommendations from other property owners. A reputable property management company should have positive feedback regarding its professionalism, reliability, and responsiveness.
2. Range of Services Offered
The next thing to consider is the range of property management services a company can provide you. Not all property management companies provide the same level of service, so it’s essential to find one that meets your specific needs. A full-service property management company should offer:
- Tenant screening and leasing services
- Rent collection and financial reporting
- Property maintenance and emergency repairs
- Routine property inspections
- Legal compliance assistance, including handling evictions
Hiring a property management company that offers comprehensive services ensures that your property is in good hands, reducing stress and freeing up your time.
3. Communication and Responsiveness
Clear and consistent communication is essential in property management. A reliable property management company should be responsive to both property owners and tenants, ensuring issues are addressed promptly. The faster their response time and the easier they are to reach, the happier your tenants will be, leading to longer lease agreements and fewer vacancies. Ideally, a property management company will have multiple channels of communication, such as phone number, email, and online portal, as well as 24/7 availability for emergency repairs and tenant issue resolution.
4. Tenant Screening Process
Going through tenant applications is a time-consuming job, but one that can’t be neglected. That’s because the quality of your tenants directly impacts your rental income and property condition. A stringent screening process reduces the likelihood of late payments, property damage, exhausting legal battles, and tenant turnover.
When looking for a professional property management company, seek out one that offers tenant screening services such as credit and background checks, rental history and payment verification, and checking referencing from the applicant’s previous landlords. Ask about their criteria for approving tenants to ensure they align with your expectations.
5. Maintenance and Vendor Relationships
Property maintenance is a crucial aspect of managing a property, whether it’s commercial or residential. A well-maintained property retains its value, keeps tenants happy, and minimizes costly repairs in the long run. As a property management company handles these aspects, you’ll want to ensure they have a reliable network of licensed and insured vendors as well as a clear system for handling maintenance requests. By choosing a company that excels in preventive maintenance, you’ll save money and reduce tenant complaints, making your property more attractive to renters.
6. Fees and Contract Terms
Just as your tenants should have a clear idea of what to expect with their rental contract, you should be able to clearly understand your property management company’s fees and contract terms. Before signing anything, make sure you fully understand the management company’s fee structure. Some companies charge a flat monthly fee, while others take a percentage of the rental income. Look for transparency and keep a keen eye open for hidden costs related to maintenance, lease renewals, or tenant placement. Read the contract carefully and clarify any concerns before committing, and you’ll ensure you’ll be working with a reputable property management company.
Choosing the right property management company can make a significant difference in the success of your real estate investment. If you’re looking for a trusted property management company with a strong reputation, comprehensive services, and a commitment to excellence, consider Crowninshield Management. With decades of experience in the industry, we provide expert property management solutions tailored to your needs. Contact us today to learn how we can help you maximize your investment.
