Top Things to Consider Choosing Property Management Company
TL;DR
- Working with a property management company brings many advantages, and this guide will help you choose the best one for your needs.
- Some reasons for hiring a property management company include strategic marketing, tenant screening, rent collection, maintenance, communication, legal compliance, accounting, etc.
- When hiring a property manager, consider:
- Your requirements
- Experience and expertise
- Services offered
- Certifications and licenses
- Contract and fees
- Reputation
- Transparency
- Insurance, policies, and capabilities
What to Consider Before Hiring a Property Management Company
Managing rental properties without professional assistance requires you to don several hats. Handling everything, including advertising vacant units, screening tenants, preparing leases, and carrying out preventive maintenance, can be challenging.
Hiring a property management company is often the key to running a thriving rental business smoothly.
This is especially helpful if you live far from your rental units, cannot devote much time, or own multiple or different types of units. You may even simply want to avoid the day-to-day commitment of being a “hands-on” landlord. This guide shares the key benefits of choosing a property management company and tips for selecting the right one.
Why Partnering with a Professional Property Manager Pays Off
Leading property management companies handle many aspects of your rental business, giving you peace of mind and helping your business run more efficiently and profitably. Here’s what they typically manage:
- Market your rental properties both conventionally and digitally to minimize vacancy periods.
- Handle tenant applications and screen potential renters (based on rental history, earnings, etc.) to pick the best of the lot.
- Craft lease agreements in a strategic and detailed manner to protect the rights of both parties.
- Make sure rental laws aren’t violated at the local, state, or federal level.
- Deal with all communications, maintain healthy relationships with tenants, and keep the rental units in shipshape.
- Collect rent on time and tackle delayed or missed payments in the most optimal manner.
- Organize periodic property inspections and preventive maintenance sessions.
- Deal with emergencies, queries, doubts, and disputes. At Guardian Property Management, for example, we offer 24-hour emergency on-call services.
- Ensure smooth move-ins and move-outs, handle security deposits, and take care of lease renewals.
- Take necessary action in case of lease violations and consult lawyers in serious scenarios.
- Stay on top of accounting, generate financial reports, and file taxes.
Choosing a Property Manager: 8 Things to Consider
There are many companies for property management in Minnesota, but picking the right service provider or manager requires you to keep in mind the following:
- What You Need: Take stock of your expectations, needs, and goals before commencing the search for a property manager. Besides assessing your property portfolio’s magnitude and type, decide how involved you want the manager to be (minimal or comprehensive).
- Experience and Expertise: Find out if the property management company is established enough and how extensive their experience is. Ask about their specialization areas (residential or commercial, for instance), years in the industry, portfolio size and type, and track record.
- Services: Not all companies for property management offer the same range of services. Explore both basic and additional services to make the most of your rental investment. For a completely stress-free experience, choose a provider who offers everything from property marketing to lease enforcement to financial analysis.
- Licenses and Certificates: When hiring a property management company, it is ideal to choose a provider that has the right certifications, affiliations, and licenses. For instance, a manager affiliated with the National Association of Residential Property Managers is likely to be skilled, professional, and conduct affairs ethically.
- Contract and Management Fees: Make sure the company drafts a detailed contract that clearly states the services they will offer, along with the fees. Check the structure (monthly or percentage) and if these fees are in alignment with your budget. Ask about any hidden charges as well.
- Market Reputation: When trying to pick from multiple companies for property management, go through reviews from past clients. Find out if the property manager you will be working with is reliable, efficient, and knowledgeable. Look for a rating of at least ‘B’ on Better Business Bureau.
- Transparency: Don’t settle for a phone consultation before hiring a property manager. Meet in person to gauge if they are amply responsive. Do they explain things knowledgeably? Are they professional and can communicate in a transparent manner? If yes, you will be able to trust them and prevent unnecessary conflicts later.
- Others: Find out if the property management company is insured against onsite casualties, general liability, omissions, and mistakes. Review their policies carefully and decide if they match your values. Ensure the manager is capable of handling all tenant queries and has a broad network of vendors for repairs and maintenance.
Conclusion
Running a profitable rental business doesn’t mean you have to juggle tenant interactions, track cash flow, coordinate with maintenance contractors, or handle legal hassles. Once you understand how to choose the right property manager, accessing professional support becomes effortless.
The best home and
companies can handle every little and big job, so you can go about your life stress-free. From ensuring compliance with rental laws and streamlining rent collection to addressing emergency repairs and handling evictions, they do it all.
Consider Guardian Property Management for a Successful Rental Business
Since 2004,
has helped property owners maximize operational efficiency and return on investment. If navigating the complexities of rental management feels overwhelming, reach out to our team to experience the most trusted
property management in Eden Prairie, MN
.
at 651-287-2011 or write to
.
Our address: 3001 Broadway St NE, Minneapolis, MN 55413.
FAQs
Q1. What services does a property management company usually offer?
Ans. It typically offers everything from property marketing, tenant screening, lease creation, maintenance, rent collection, lease renewal, and accounting.
Q2. How can I verify the credibility of a property management company?
Ans. You can speak to their past clients, go through reviews and ratings on multiple sites, peruse their portfolio, and check licenses and certifications.
Q3. What questions should I ask before hiring a property management company?
Ans. You should generally ask them about their experience, expertise, licenses, certifications, insurance, services, fees, and policies.
Q4. Do property management companies handle legal and eviction processes?
Ans. Yes, if required (such as in cases of lease violations or repeated payment delays), they can consult lawyers and take the necessary steps for evictions and other legal situations.
Q5. Can a property management company help with short-term rentals?
Ans. A property management company can help with all kinds of rentals, whether they are short-term, medium-term, or long-term.
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