Your rental property is a huge investment, so when you wisely decide to have it professionally managed, you need to be selective. Choose an exceptional and experienced property management company that will provide great service to you, your property and your tenants. Today, we’re sharing a few things that help you separate the average property managers from the outstanding property managers.
Knowledge and Experience
The most important thing you want to look for when seeking a property manager is knowledge. A lot of that knowledge will come with experience and a lot more knowledge will come with continuing education. If your property manager is a member of professional organizations such as the National Association of Residential Property Managers (NARPM), you will know that the company is staying current on all the laws, regulations and best practices within the property management field. There are a number of local and state housing laws and landlord tenant laws to understand and implement in Seattle. You really need a property management company that makes industry knowledge a priority.
Systems and Technologies
Look for consistent policies and systems that will protect your property. There should be a thorough process for screening tenants that includes a credit check, a background check and a verification of income and rental history. Look for procedures that are followed when rent is late or maintenance work is needed at the property. Take a look at the move in and move out checklist a property management company uses. You want a property manager who has an excellent way of documenting the condition of your property before and after the tenant takes residence. You should always look for a property management company that utilizes the latest technology. This will ensure you have access to information about your property whenever you need it, and you’ll get your rent directly deposited into your bank account. Property management companies that utilize technology will also allow their tenants to pay rent online and fill out repair requests. There is no excuse for lazy management procedures.
Finally, you want a property management company with a good reputation. Do a little checking online, and find out what their current and former clients think about the work they do. Read reviews and take note of how the company responds to negative reviews. Remember to take into consideration who is writing the review. For example, if you come upon a bad review from a tenant who is upset that he was evicted after moving an unauthorized pet into the property, that’s simply a case of the property manager doing his job.
There are a number of other things you should look for when you’re hiring a property management company for your Seattle investment property. If you’d like to hear more, we’d be happy to give you more information. Please contact us at Dave Poletti & Associates.