5 Signs You're Dealing With a Good Property Management Company
The best property management companies are almost invisible for the tenant and the landlord.
The first sign of a good manager is that they anticipate your needs - this could be sending you monthly financial statements before you ask for them, or chasing you up for a signed lease.
The second sign is that your tenants are happy - if they continue to pay on time, the property is well maintained and they renew their lease, those are positives.
Thirdly, rents are closely aligned with the current market rents for comparable properties. This can vary over the course of a tenancy especially if the market moves up or down during the duration - but your management company should tell you if the property is under rented (the rent is too low) or over-rented (the rent is too high).
Communications are clear and easy for you to understand what they want you to do or to learn. Short sentences, clear language and if a reply is needed, it is really obvious what you need to do next.
And lastly, they give practical advice that aligns with your goals - some landlords want to maximise rents and don’t worry about tenant turnover, others want long term renters and are happy to be flexible with regard to non-monetary aspects of a tenancy e.g. keeping pets. Your property manager should understand what you want to achieve and be able to give advice that helps you make good decisions as a landlord.