What Makes a Quality Property Management Company?

There’s an age old saying that really holds a lot of truth: you get what you pay for. The same comes for property management services. If you look for the cheapest solution, you’ll often get the cheapest service. This is why choosing quality property management services, like Real Property Management Colorado, is the way to go. Choosing value over dollar amounts can actually be the more cost-effective solution, as it saves you time and offers more peace of mind when you have the right team on your side. So what makes a quality property management company?

 

The Balance of Communication

Property manager on the phone

A quality property management company keeps you in the know with what you want to know. They keep the lines of communication open and inform you of all the big events, milestones, or major issues taking place at your property. At the same time, they don’t overload you with little updates that don’t really affect you. Quality property management companies maintain a proper balance of communication. And while things will go wrong, a quality property management company makes sure you know what’s going on. Make sure to ask about communication practices when interviewing potential property managers.

 

Rent is Never a Question

 

Good property management companies know how to collect rent and have solid procedures in place for when tenants don’t pay. They make expectations for payment clear with tenants when signing the lease and have proper practices and procedures in place to help make sure you’re paid on time. And if there’s an issue with collecting payment from your tenants, quality property managers keep you in the loop and let you know what options are available should the tenant fail to remit payment.

 

Tenant Screening is a Given

Tenant screening

Good property management companies know how to screen tenants well. They have specific requirements in place and know how to run thorough background checks, including criminal, credit, and eviction and rental history. While you can’t screen for everything, like family emergencies, medical problems, or other major life events, a quality property management company knows what to look for. They also know all of the laws and legal requirements that must be followed in order to avoid any claims of discrimination or fair housing violations. This alone is crucial.

 

Maintenance Issues Don’t Catch You By Surprise

 

Maintenance will always be a part of owning a rental. Be it small repairs or major emergencies, there’s no way to avoid them. The difference between a good and bad property management company is that these issues don’t come as a surprise. Good property managers inform you when things go wrong at your property and how they plan to address the problem. Make sure to discuss how maintenance issues are handled and when and how they’re communicated to you. Do they notify you of every little thing that takes place or only when a certain threshold is reached? How are emergency and habitability repairs addressed? Clear expectations from the start help set up the tone of the entire property management relationship.

 

You Can Be A Passive Investor

It’s the key reason you hired a property manager in the first place, right? A good property management company handles all of the ins and outs of managing a rental so that you don’t have to. They handle the day-to-day so you can focus on other things. While there will be certain situations that require your attention, hiring a quality property management company allows you not to sweat the small stuff and stay hands-off.

 

There are many things to look for when choosing a property management company. How much they cost shouldn’t be the sole determining factor. After all, you get what you pay for. So when it comes to choosing based on the value they provide or the discounted costs, make sure you keep what makes a quality property management company in mind. Otherwise, you may be starting your search again sooner than you planned.