How To Choose a Property Management Company
Managing a rental property requires the proactive, professional attention of a knowledgeable property management company. Selecting the right property management team for your community can be a challenge — especially if you’re new to being a landlord.
What qualifications matter most when choosing the right provider? How do you sort out the high-quality property management teams from the not-so-great?
At Block & Associates, we understand the importance of finding a property management company that can protect your investment as if it were their own. Read on to discover what you should look for when choosing the right property management company for your rental property.
Reasons To Hire a Property Management Company
Most landlords are actively seeking ways to maximize profits while maintaining and increasing the value of their investment properties. Hiring a property management company helps them achieve that. With the right property management company by your side, you’ll be able to:
- Increase profits: While the initial cost of hiring a property management company might deter landlords from seeking one out, many don’t realize they’ll make back their investment thanks to the increased care of the property.
- Save time: A property management company will help track rent payments, collect late fees, deal with complaints and repairs, and prepare the property for new tenants, making your job as a landlord that much less time-consuming.
- Get better tenants: Property management companies actively screen for the highest quality tenants to reduce the number of damage reports, repairs, late rent, and other hassles that come with troublesome tenants.
- Stay legally compliant: It can be difficult to navigate the choppy legal waters of property management, but having a licensed and experienced team by your side will help you remain in compliance with state, federal, and local laws.
- Improve relationships: Having a property management company helps provide a buffer between landlords and their tenants so they can more easily resolve problems and improve relationships between staff and residents.
Now that you know the benefits of hiring a property management company, it’s time to dive into exactly how these entities get the job done.
What Do Property Management Companies Do?
Property management companies perform many tasks that help make your job as a landlord easier. Ideally, your selected property management company should be able to help with:
- Collecting rent from tenants
- Listening to maintenance requests and coordinating with contractors for necessary repair or maintenance
- Handling defaulting tenants that are months behind on rental payments
- Marketing the property to reduce vacancies and improve profitability
- Keeping detailed records of all goings-on at the property
- Simplifying taxes
- Drafting and executing new leases
Must-Have Qualities in a Property Management Company
When choosing your property management company, it’s important to ensure they’re qualified and can perform the tasks outlined above. As such, you must find a property management company with these characteristics:
- Specialized experience: Property management is a complex industry, so it’s important to find a company that has experience managing the specific type of rental property you have.
- Licenses & certifications: A truly competent property management company should be able to back its technical expertise with up-to-date licensing and professional certifications.
- Reviews & references: Verify that the property management company you select has a long list of great reviews and references from those who have worked with them in the past.
- Appropriate insurance: The property management company you choose should be able to show that they have general liability, property casualty, and errors and omissions insurance policies, at the bare minimum.
Choosing the Right Property Management Company for You
If you’re looking for a property management company for your Raleigh area rental property, look no further than Block & Associates Realty. For nearly 30 years, we have proudly served as the premier provider of upscale rentals and property management services throughout Raleigh, Durham, Chapel Hill, Cary, Fayetteville, Fort Bragg, Pinehurst, and the Sandhills.
From accounting and maintenance to rental collection and tenant screening, we’re your full-service property management provider.
Call 919-459-6300 to request a property management quote for your rental property.