To discover, and retain, quality tenants, it is essential that you use the best property management company for your needs – here’s what to look out for.
Everyone has heard of property managers – some great, positive stories and others that have been horrific nightmares. So, when you are a landlord or a homeowner, you may be very interested in obtaining help from a property manager but aren’t too sure where to start.
- How do you find the best property management team?
- How do you know you are getting the best management for your property?
- How do you know your property manager is being transparent about fees?
There are many duties that a property manager fulfills to make your life much, much easier. And there shouldn’t be any surprises along the way. If you want to hire the best property management in Phoenix, then here’s how to do it.
The Duties of a Property Manager
Before you hire a property manager, you want to have a good idea of all the duties property managers do. After all, why would you settle for someone who only offers you a fraction of the benefits? As their name suggests, property managers are there to manage your property. From an empty unit to doing the walk-through at move-out and starting over – and everything in between. While it is not exhaustive, we have put together a list of things the best property management team would handle for you. Check it out:
1. Marketing your property.
Every minute your home sits vacant, you are missing out on income. Property management marketing is one of the most important duties, and the best property management team will get your property noticed and desired. They use various websites, networking, and social media platforms to spread the news about the vacancy and spark interest. Then, they follow through to have showings and eventually completed tenant applications.
2. Tenant screening.
You could rent your property to just anyone, but without proper screening, you could be putting yourself at risk – and your property in the wrong hands. Property managers have the knowledge and skills to expertly screen tenants and save you from falling victim to any scams.
3. Rent collection.
Your property manager will handle all invoicing and rent collection, so you don’t have to. Then, for convenience, the monies will be deposited into your account.
4. Maintenance and repairs.
Whether it is preventative or routine maintenance or a late-night emergency repair, your property manager has a network of trained professionals to get the job done right.
5. Property inspections.
Keeping a property safe means scheduling routine inspections. Not only does this help ensure that the property is in good hands with the tenant, but it also allows for any maintenance issues to be addressed before they become bigger, more costly problems.
6. Financial reporting.
You never have to wonder about your finances when you turn your property over to a property manager. The best company will provide you with 24/7 access to view your earnings and expenses securely online anytime you want.
No matter how great tenant screening is, every now and then eviction is necessary. The best property management team is well-informed and able to handle the entire legal eviction process for you.
8. Legal guidance.
Last, but certainly not least, the best property manager will understand the importance of following all federal and local housing laws. They work hard to abide by them so you don’t ever have to feel vulnerable or at risk.
Where to Find the Best Property Management in Phoenix?
Now that you know all a property manager can do for you, you have probably decided to hire one. If so, great! But don’t just call the first company you find. Instead, you need to do your research.
1. Get referrals.
Talk to your friends, co-workers, realtors, contractors, investors, neighbors, or even accountants. See if they have any recommendations for a property management company. Though, their experience may not be yours so always do follow up their recommendation with your diligent research.
2. Meet before you hire.
Take time to sit down with your potential property manager and get to know them. Ask questions about their service and their business. Get an understanding of how they handle situations – and the fees that they charge to do so. Look for transparency.
3. Check their licensure.
If you are entrusting a company with your investment, you want to make sure they are licensed and certified to handle each aspect of the business, from showing the property to making repairs and such.
Look Out for Hidden Fees
When it comes to paying a property management company to handle your investment properties, you want to have a clear idea of what you will be expected to pay. Their fee structure should be clearly outlined with all necessary details exposed. Again, you shouldn’t encounter any surprises.
When something seems too good to be true, it usually is. So if a property manager charges you a low fee each month, there is a good chance they are doing so with the hopes of making it up elsewhere. These hidden fees could come in the form of leasing fees, advertising fees, vendor surcharges, onboarding fees, vacancy fees, lease renewal fees, and so forth. It may even be written in the fine print that you agree to stay with them for a certain period – or else they can charge you.
Pay attention. All of this should be spelled out in the contract and you should understand it fully before you sign. Read the small print – all of it.
What Sets the Best Apart From the Rest
So, what sets the best property management apart from the rest? Well, that’s simple. The best will offer you all the services listed above without hiding any fees. They are honest, transparent, and treat your property with compassion and respect as if it were their own. The best companies won’t go out of their way to keep you guessing about your financial statements, fees paid, or whether maintenance ever really occurred.
At Real Property Management Evolve, you will find the best property management team in Phoenix. We offer state-of-the-art technology, open communication, high industry standards, and a list of satisfied customers that speaks to our experience. If you are looking to hire the best property managers in Phoenix, you’ve come to the right spot.