Finding the right property management company will have an enormous impact on your success as an investor and a landlord. Instead of picking the first property manager you come across, take some time to investigate their reputation and the way they treat owners and tenants. You need to know you’re trusting your investments to someone who is experienced, reliable, and a leader in the local market and the general industry.
Look for Property Management Experience
You always want to find someone who has been around and has been managing properties for a really long time. Ask how long they have been in the property management business. Find out what kind of properties they have experience managing and what kind of mistakes they have made along the way. You want to know they’ve learned from their mistakes; you don’t want a property manager who is brand new and likely to get their training with your properties.
Discuss Property Management Ranges
I’d also ask about how far they travel when managing properties. At Prandi Property Management, we manage homes exclusively in Marin County. Find out how many areas the company you’re considering serves. It’s important that your property management company works locally and close to where your property is located. You need someone who understands the markets, the tenants, and the trends in your specific neighborhood.
Team Dynamics and Longevity
It is also important to find out how long people have been working for the property management company you’re choosing. We are employee-driven at Prandi. We have employees who have been with us for more than 18 years. In fact, one member of our team just retired after working here for 31 years. It’s important to work with property managers who have a team of people dedicated to their work and to your property. If the team is too small or there’s a lot of turnover, you may not get the best service.
Affiliation with National Organizations
Find out if the management company is a member of a national property management association. It’s important to take continuing education classes and attend conferences. You want to work with property managers who are up to date on all the latest laws and who meet with other professionals to share ideas and exchange best practices.
Placing Qualified Tenants
You need to ask potential property managers what process they use to find qualified tenants. At Prandi, we have a list of things we do:
- Fair Housing. We make sure we are compliant with the local, state, and federal fair housing laws. Everyone should be treated fairly and consistently.
- Application and Credit reports are collected from every adult.
- References. We call for references from current and previous landlords.
- Employment verification. We make sure applicants are financially able to occupy the property by obtaining paycheck stubs or tax returns.
- Analyzing the credit report.
A good property management company should go above and beyond what’s required to find a high quality tenant for your property. Working with professional managers will save you time and money, and we’d be happy to tell you more about how to find a great company or what you can expect with our team. Please contact us at Prandi Property Management.