If you have a lovely home and are looking into renting it out, it’s a good idea to get a property manager and work with a property management company. More and more people are renting out their homes with various property management companies so that they can benefit from renting without the added stress of dealing with clients.
When your home is ready for renting, talk to different property management companies to find the one that best fits your needs. Below we’ll outline 12 essential qualities of a great property management company to make choosing a property management company less stressful.
Important Traits of a Great Property Management Company
- Experience:This one seems pretty obvious, but it’s an incredibly important part of your search. If you’re a first-time renter, you’ll want a company that knows how to handle things properly.Find out how long the company has been in business and the number of properties it manages. Ask to see a portfolio. See how often guests return to the properties ran by the particular company you’re interviewing—according to Sanibel Real Estate Guide, “Well-run properties have bookings that are 70% returning guests.” This number will show you whether the management company is doing its best to get things done. You’ll also want to ask the manager questions about their experience and about the rental laws of the area. You’ll want a company that’s well-informed on various topics.
- Good People Skills:Think about it—nobody wants to rent out a home if the property manager doesn’t have good people skills. The property manager should be an organizational leader with the ability to make people feel relaxed in the home. If guests feel like they can’t talk to the property manager, then they’ll want to leave.
- Attention to Detail:A great property management company should be extremely detail-oriented. Between dealing with endless amounts of renters, checking in on the homes regularly, and maintaining other aspects of the home, the ability to focus on small details is incredibly important. The company should keep track of all information at all times.
- Financial Background:Look for a company that has an internal financial management team, especially one with certified accountants. You want to work with a company that really knows what it’s doing with regard to monetary aspects. The best property management companies will have a rigorous internal review and intense accounting protocols to maintain a stable environment.
- Quick Response Time:If you have any questions, look to see whether the company or the manager responds in a timely manner. See if they are available for calls on the weekends—guests will be in the homes on weekends, and they’re bound to have questions, too. Guests’ ability to ask questions on weekends is especially important, but a quick response time is even more necessary.
- Patience:Not every guest is going to be perfect, but that doesn’t mean they should get anything less than gold star treatment. The property management company you work with should have unending patience—the stress of the job should not impact how they treat guests or the overall experience for the guest. The property manager will demonstrate this patience in their willingness to listen and wonderful customer service skills.
- Strong Communication Skills:The ability to communicate effectively goes hand-in-hand with quick response times. It doesn’t matter how beautiful the property is if the manager can’t communicate well with guests, contractors, and you. The company should be able to communicate clearly what is going on with the property at any given moment.Strong communication skills—both written and oral—will ensure that you stay up-to-date with what is going on with the home. Excellent communication will reduce disputes and ensure that your property runs smoothly and effortlessly.
- Tech Savviness:A great property management team will strive to stay up to date on the newest tech advancements. Online portfolio systems will help you keep track of information you may need, and other systems can help you manage online maintenance requests. These and other tech advancements will help things run even more smoothly for you.
- Flexibility:Things do go wrong. It’s bound to happen—no matter how awesome your property management company is. A renter may make a complete disaster of the home, or a tree may crash into it. Whatever the problem, the manager’s ability to manage crises is critical. This can be tough to gauge in an interview, so think about rescheduling the interview on short notice and see how the person responds to change. An understanding response demonstrates adaptability.
- Commitment to Learning:This trait may seem out of place, but a manager who understands the importance of ongoing education is one you’ll want to work with. Ask whether or not they read and what they read. If they read books on topics such as business education, professional development, or intercultural communication, they are undoubtedly committed to self-improvement. This quality is not a necessity, but it can build up a wonderful company.
- Transparency:The company you choose should consistently provide full disclosure on things going on within the home. All conversations, transactions, and problems should be laid out on the table. The ability to be transparent in the face of adversity will greatly benefit you and your renters.
- Ingenuity:Property management has recently become a booming business. That said, there’s still no blueprint on how to perfect it. Why? Each property is different. Each visitor has different needs. Look for ingenuity within the company. Those willing to try something outside the box are often the ones who feel comfortable in their abilities.
All these qualities of a great property management company are things you should look for throughout your search. Keep in mind that, in most cases, a property management company will not have each and every one of the above traits. Pick out the ones that seem the most important to you and your property. Finding the best investment for you is what’s important. Exceptional Stays is a Telluride property management company that strives to reach these traits and give each client the best experience possible.