Deciding to work with a professional property manager in Ormond Beach is a good idea. You’ll have more peace of mind knowing that your rental property is being cared for by a professional. There’s a good chance you’ll earn more money and encounter less legal risk.
However, to be successful you have to choose the right property management partner. A bad or ill-equipped management company can often be worse than self-management.
We’ve put together the top five things to look for when you’re hiring an Ormond Beach property management company.
1. Relevant Experience Managing Residential Properties
Experience is essential. You want to make sure you’re not the first client for the property managers you choose to work with. It’s easy to be impressed with years of experience, but remember that you also want to choose a management company that has experience with your type of rental property. If you own a number of apartment units on the beach, you’re not going to benefit from a management company that specializes in single-family homes in the suburbs.
When you’re talking about experience, discuss how their unique experience can match your unique needs. If you have trouble with tenant turnover, look for a management company that excels in tenant retention. If your greatest challenge has been missing security deposit deadlines, find a company that stays up to date on the local, state, and federal laws that apply to your rental homes.
2. Interest in Your Investment Goals
Rental property owners should always expect more than tenant placement and rent collection from their property managers. Look for a management company that wants to know more about how you came to own rental homes and what you plan to do with them. The decisions that are made regarding your rental property should always align with your short term and long term investment goals. Your property manager has to know those goals in order to help you achieve them.
3. Responsive Communication
It’s always surprising when we hear stories from owners and tenants about former property managers who were terrible at communicating.
Communication is critical to the effective leasing, management, and maintenance of your rental property. Look for a team that values communication. You need to know your property manager is going to be responsive to you when you have a question and to your tenants when they have a maintenance issue or a problem. Find out how accessible and available they are before you begin working with them.
4. Investment in Property Management Technology
The importance of technology in managing properties has never been more obvious. There are software programs and platforms that can automate a lot of what we do, from marketing and listing your home to scheduling showings to documenting inspection reports. Talk about how technology has helped the property management company you’re considering. They should provide online rental payments, electronic direct deposits, digital lease signing, and portals for tenants and owners.
5. Sound Maintenance Plans
Maintaining your rental home is one of the most important responsibilities of an Ormond Beach property manager. Always look for a company that has a plan in place for routine, emergency, and preventative maintenance. Find out how tenants report repair needs and whether the company works with in-house maintenance staff, outside vendors, or some combination of the two. You’ll also want to know if there’s an upcharge on maintenance invoices or an extra fee for responding to repairs.