How to Choose the Right Property Management Company
As a property owner, choosing the right property management company can be a daunting task. There are dozens of options to choose from (especially in my area), and it's essential to select a company that will effectively manage your property and meet your needs. Here are some tips to help you choose the right property management company:
Determine Your Needs:
Before you start looking for a property management company, it's crucial to understand what you need from them. Do you need a company that specializes in residential properties or commercial properties? Do you need a company that can handle both? Are you looking for a company that can handle everything from marketing and leasing to maintenance and repairs? Understanding your needs will help you narrow down your search and find a company that is a good fit for you.
Research Potential PM Companies:
Once you know what you're looking for, it's time to start researching potential companies. Look for companies with experience managing properties similar to yours and check out their online reviews and ratings. You can also ask for recommendations from friends, family, or other property owners in your area. Google or Facebook reviews are a great starting spot if you don't yet have a network in the area to ask.
Check Out Their Services:
Make sure the property management company you're considering offers all the services you need. Some companies may only handle marketing and leasing, while others may offer a full range of property management services like accounting or vacation rental management. Here's an example of our vacation rental offerings graphic:
Consider Their Fees:
Property management fees can vary significantly from one company to the next. It's essential to understand what you're paying for and whether the fees are fair and reasonable. A typical monthly fee ranges from 8%-12% for a traditional long term rental and a 15%-30% for a vacation rental management company. Then there are start-up fees associated with this, like a $500 launch that covers pro photos, screening tenants, cleaning, etc.
Communication:
Effective communication is crucial in property management. You can check this by giving the company a call during office hours, after office hours, and on weekends to see if you're getting an automated messaging system, or an actual helping human. Look for a company that is responsive and communicates well with both tenants and property owners. With our company, we don't have any voice automation and the phone rings to a few people so missing a call is rare. From a tenant perspective, we leave our direct number along with an emergency plumber's number inside of a kitchen cabinet - communication is where we are trying to revolutionize and humanize the industry.
Determine Your Needs:
Consider their reputation: A company's reputation can tell you a lot about the quality of their services. Look for a company with a good reputation in the industry and among past clients.
Meet with the company: Before making a decision, schedule a meeting with the property management company to discuss your needs and ask any questions you may have. This will give you a chance to see how well the company communicates and whether you feel comfortable working with them.
In conclusion, choosing the right property management company is crucial for the successful management of your property. By determining your needs, researching potential companies, and considering their fees, services, communication, and reputation, you can find a company that is a good fit for you.
If you're in need of property management services and are looking for a company you can trust, consider Wishlist Property Management. We offer a full range of property management services and are dedicated to providing excellent service to both tenants and property owners. Our team is experienced, responsive, and committed to helping you achieve your property management goals. Contact us today to learn more about how we can help you around the Lake Norman area (Charlotte, Mooresville, Statesville, Denver NC, Sherrills Ford, Troutman, Davidson, Cornelius, etc).