First, a property manager should be a full time manager. Property management is not a function or a business that can be conducted part time or in between sales calls and activities. Insist on a full time manager because the financial success of your property will depend on it.
Advertising and Leasing
A good property manager will advise you on the proper pricing of your property and will promote your property effectively so it can be leased quickly. Always ask a potential manager how long it will take to get a tenant in place and what kind of marketing efforts they use. These are important questions to ask because they directly affect your costs and how much revenue your property generates. Your property’s listing should include professional caliber photographs along with great marketing copy and descriptions that generate interest. Also a detailed list of the amenities, and a detailed map showing your property’s location. Your listing should be posted to a broad range of web portals and websites. This is where most potential tenants are looking for rental properties.
Potential Tenants, Current Tenants and Owners should be able to conduct their business online via their laptop, desktop or smart phone. Potential Tenants want to search for properties, set showing appointments and apply for properties online via a smart phone friendly website. Tenants want the option to pay rent and submit service requests online 24 hours a day 7 days a week. Owners want to be able to access their account information 24 hours a day 7 days a week from wherever they are. We believe a modern property management company should feature an easy to navigate and up to date web platform that performs these tasks as part of their basic services.
Your property manager will conduct regular inspections. These should be scheduled consistently and they should always be done with a minimum of notice. All within landlord tenant statutes of course. Notices of inspection or intent to enter that are posted too far in advance are not nearly as effective as those with shorter advance notice. Make sure your property manager does interior inspections. The drive by or exterior inspection is important, but the interior inspection is the most important.
A property manager is responsible for collecting rent, so you’ll want to find out when you can expect to receive it. A company with a system that does not rely on paper checks, in person bank deposits and snail mail is optimum. Choose a manager with a system that permits direct deposit into your account and has a process that ensures tenants can pay quickly and efficiently online. This reduces the time between when rent is due and when the rent arrives in your account.