What You Should Look for When Working with a Property Manager

Did you know that 25% of property owners who work with a property manager have reported that they didn't experience any stress related to their property in the last year compared with just 10% of owners who manage their rental properties on their own? (Source: 2023 State of the Property Management Industry Report)

But we wouldn't recommend you go out and hire just any property management company to manage your portfolio of investment properties for you. So, what are the key characteristics you should look for when interviewing potential property managers? 

Personalized Customer Service

Look for someone who has a reputation of being highly communicative both with tenants and landlords. They should be available to handle emergencies, should be professional, and should be able to provide timely responses to both the landlord and tenant needs and requests. 

Your property manager should be able to provide monthly communications regarding rent disbursement, end-of-year tax statements, and ongoing communication regarding rent charges, repairs, and maintenance.

Streamlined Processes Using Technology

There are so many advantages for both property owners and tenants when you choose to work with a property manager who utilizes technology to streamline services. This applies to approving applicants, paying rent, rent disbursements, maintenance requests, and reporting. 

All of this will alleviate stress on you as the landlord and will provide greater convenience to your tenants. 

Local Market Expertise

Not only is local market expertise necessary when your property manager is helping you set rental rates, but it also comes in handy when marketing properties for lease, qualifying applicants, and when providing market analyses specific to your portfolio.