Landlords, especially those away, are always concerned about their rental homes and condos, and whether the managers whom they have appointed are committing any mistakes for which they could be held responsible. There are indicators however through which a landlord can recognize a fantastic and reliable property management company. When those indicators are evident the landlord should relax knowing his rental property is in steady and stable hands. There’s no worse nightmare for a landlord than to have to fire a property management company for incompetence and appoint another. Here are some indicators of a fantastic property management company.
A flexible approach to win you over as a client. Quite often property management companies try to sell themselves too hard and count on the naivety of new landlords to win their business. Landlords don’t need to be tied down to packaged prices. A sterling property management enterprise should adopt a flexible attitude which demonstrates an eagerness to work with a client.
Hidden costs and add-on fees. Many property management companies look to make a quick buck at every opportunity. Landlords are suddenly hit with unanticipated add-ons such as marketing, occupancy, advertisement fees, and other little additional hidden costs that certainly add up. A property management company filled with integrity is one which is upfront with all the costs so that the landlord is able to choose what services are required, wanted, and can be afforded. The management company should then stick with these costs; an attitude which creates a mutual trust.
Communication is critical. Nothing upsets a landlord more than not being kept informed about what’s happening with the property. A magnificent management business will keep the landlord posted with regular updates or reports. If there are any issues likely to evolve the management company should keep the landlord advised and what control steps are being taken. The company should be accessible to the landlord 24/7.
Financial reporting at regular intervals is vital. The landlord owns the property as an investment and would like to be kept informed about the income it generates and any problems that are likely to pose a threat. A property management company that wants to attract more customers and retain the ones it already works with would keep the landlord posted with a banker’s diligence about financial generation and the fiscal status. A flourishing company will keep the value of the investment safe and demonstrate transparency in all financial dealings.
The company’s management skills should match the property’s needs. Needs will vary from a residential to a commercial property and within the grouping itself. Steady and judicious property management is manifested by a company that has the capacity to meet these needs and be sufficiently resourceful to meet contingency situations should they arise.
Capacity to provide a range of services. Landlords, especially absentee landlords, often need full-service management capabilities. This might encompass multiple services beyond the mere rent collection duties and ensuring optimum occupancy.
Rewarding Fantastic Work
Salient property management services are hard to come by. When a landlord senses the right indicators a full-service, outstanding property management company should be rewarded with increased business and referrals.
Talley Properties Inc. is a full-service property management company with expertise in mid-range and high-end commercial and residential properties in and around the Charlotte, NC region. The company is now in its fourth decade in property management during which time it has forged enduring relations with a host of investors and owners whose rental properties it manages and cares for. The fact that Talley Properties has significantly expanded its sphere of operations since inception speaks for itself.