Turning your rental property over to a management company is a critical decision that should not be undertaken on a whim. Landlords looking to make this move should do thorough research and compare their options to find one that best suits their needs. Your rental home is a valuable asset, and you cannot hand the responsibility of managing it to someone you do not know or trust. It could jeopardize your future rental income and cause significant financial losses.
Therefore, evaluate your options when hunting for a property management company. Apply a set of criteria to the process to ensure you get the services you need at competitive rates from people you can rely on. Here are some of the qualities an excellent property manager should have:
Knowledge and experience
Landlords know that managing rental properties in Jackson MS or in another U.S. city is best left to professionals from companies like Evernest, Damon Wofford Realty, and Horizon Property Management, unless they want to work with America’s largest residential property management companies like the Lincoln Property Co. or Greystar Real Estate Partners LLC. Evernest, provides reputable property management, servicing Jackson’s landlords and renters without fail. Its professional agents go the extra mile to ensure that clients and tenants have a great rental experience characterized by prompt, top-quality service. Evernest also has offices in Mississippi’s neighboring states of Alabama, Arkansas, and Tennessee.
Any property manager you choose to work with should have the relevant licenses and certifications required by federal, state, and local laws. During your selection process, ask about agents’ qualifications and the company’s affiliations with organizations like the National Association of Residential Property Managers (NARPM) and the Institute of Real Estate Management (IREM). Look for a property manager who is continuously striving to improve themselves as an industry expert by taking advantage of ongoing training opportunities.
As a Jackson landlord, you need to ensure that your property manager understands the local rental market. They should be familiar with current trends and determine market-related rental prices.
Organization and efficiency
Property managers have busy, demanding jobs and can fall behind on their responsibilities if not organized. They require a detailed schedule to manage their daily to-do lists containing numerous tasks. As a landlord, think of everything you need to do to stay on top of your rental business. Now consider that a property manager must do that for your rental home and their other clients. This is only possible if they apply a methodical approach using systems to help them manage everything.
Property managers need a paper trail of the income and expenses regarding a rental property. These documents have significant tax implications for landlords. You cannot afford to work with someone who never has their records on hand and available for inspection. When tax season comes, and you want to complete your return, you can only claim deductibles for expenses you can prove with documentary evidence.
During the interview process, ask the property manager how many Jackson rentals they have on their books. If it feels like too many, think carefully about hiring this property manager as you need them to have sufficient time to devote to your rental home. Speak about what systems the manager uses to keep their tasks and records up to date. Look for someone who emphasizes the need to pay attention to detail and takes a fastidious approach to dealing with their responsibilities as a property manager.
A property manager should be an excellent communicator, as much of their job entails interacting with others. They need to speak with clients, tenants, contractors, and service providers. As the first point of contact for tenants, your property manager represents you, and a lack of professional communication skills will not reflect well on you. Their primary objective should be keeping tenants happy, so they will stay in your rental home long-term, pay their rent on time, and not cause any undue problems. This will not happen if the manager is a poor communicator.
An excellent property manager’s communication skills should be effective, whether verbal or written. They need to write emails and reports and meet with people or talk to them on the phone. While some people are born with innate communication skills, others must learn them. Do not confuse the gift of the gab with effective communication. Your property manager does not need to have a gregarious, larger-than-life personality. Instead, they need to address others and get their point across succinctly.
When evaluating a property manager, examine their communication style, including how promptly they respond to your queries. Property managers who are never available and take days to respond to issues are unlikely to deliver the desired result. A landlord should never have to chase after a property manager to get an update on what is happening with their rental property. Indeed, things should work the other way around.