Sunday, December 20, 2009

Tips for Choosing a Property Management Company

Dear Property Manager,

I would like to buy a residential rental property in the Charlotte area. Can you give me some tips for choosing a property manager to take care of these rental units?

Thanks and Happy Holidays,

Francis K. Fort Mill, SC

Dear Francis:

With property prices at all time lows, residential rental properties continue to make for great investment in the Charlotte area. However, as with all investments, it is important to create efficiencies and good management practices to create return on the investment, and this means hiring the right property management company for you and your property.

The following tips will ensure you choose the best property manager for you.

Choose a company that is knowledgeable of the local market
The property management company that you choose needs to know the local rental market and what renters are looking for. A great property management company will make smart decisions and and cost-conscious recommendations to keep the property competitive, increase profit--and make updates to improve the property making it more desirable, increase rental rates, lower turnover and decrease vacancy.

Ask for, and check on your property manager's references
A property manager's current customers will be the best judge of the kind of service you can expect--so request the references, and then make those calls! Request references from property owners with properties and situations most like yours.

Require great customer service.
Choosing a property management company that makes offering great customer service a priority. You should be able to expect good customer service, the ability to reach someone in an emergency and good and consistent communication about the property.

Choose a company that manages the money well
In addition to being able to collect the rent, it is important that the property management company is able to manage the money so that it stays in the bank and earns as much interest as possible each month. This is a careful balancing act, but a good professional company will be able to do this and maximize profits and cash flow in your favor.

Find a property management company that knows how to do the accounting
Accounting for revenues and expenses with investment property can be the thing that makes or breaks the investment. Choose a property management company that is organized and has accounting skills so that at when tax season comes up, all of your income and cash flows should be easily accessible and in the correct order to make your tax paying easy.

Find a property management company that prioritizes relationships
A good property management company will prioritize good relationships with their tenants. Just as you as the owner is a client, the tenants are also customers and should be treated like it. Tenants who feel they have a good relationship with the property management company are more likely to stay longer, and decrease turn-over and all the expenses that come with it!

So you are looking for a property management company who knows the area, is personable, good with money and numbers, has great references and puts you first! Sound impossible? Not at all--that is just the way we do business. Call Kuester at 704.973.9019 to learn more.

--Property Manager

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