If you're struggling to self-manage your rental property and don't have the necessary time or experience, then a dependable property management company is an absolute must.
You can count on them to take care of everything for you on an ongoing basis and make renting out your properties hassle-free. With a professional in charge, it provides a necessary degree of separation from your tenant and prevents many headaches.
But with so many options out there, how do you know which one is right for you? The right company is definitely worth the money, so let’s break down the five key factors you should consider when evaluating a property management company.
#1. Rental Payments
The first factor you should consider as a property owner is how well a property management company collects rent from tenants. You want someone reliable, efficient, and able to manage payments on time. It's essential to find a company like us that is prompt to collect rent and whose fees are competitive in your area.
When hiring one for your rental properties, make sure that you ask about their fee structure and any additional charges and fees they may charge. You can also ask if they have an efficient rent collection system that can handle electronic payments and paper checks.
Moreover, they should also be able to track late payments and take action if necessary. They also should provide property owners with timely reports of all tenant payments and any outstanding amounts owed.
The last thing you want as a landlord is for tenants to be behind on their payments or skip out on them altogether, which indeed affects your rental income!
That is why as a reputable property management company, we here at Fenix Property Management have an effective rent collection process in place and have experience dealing with difficult tenants. We have effective methods for handling late payments or eviction processes if necessary.
#2. Staying on Top of Maintenance
The second factor to consider is how they handle repairs and maintenance requests. It’s important to know if one of those property management companies you opt to hire has an able, competent team who can act quickly in a pinch and how responsive and efficient they are when it comes to dealing with these urgent matters.
For example, they should be able to keep up with repairs around the rental property on a regular basis. This includes everything from basic maintenance tasks like replacing light bulbs or fixing leaky faucets all the way up to major major repairs such as broken pipes.
Of course, you want to find a company that takes care of all repair requests in a timely manner and communicates with both owners and tenants about any repairs or maintenance issues that need attention.
To be sure, ask them what kind of turn-around time they have for responding to repair requests, the services they offer, and how often they inspect properties for any potential issues. A strong network of contractors is an important part of the property management process.
Like here at Fenix, our reliable contractor network is experienced in dealing with any issue. Thus, they can take care of any necessary repairs quickly and efficiently!
Plus, while ensuring repair requests are efficiently handled and resolved promptly, we also prioritize tenant satisfaction and the prevention of any potential future damage to your rental properties. You don't really need to stress about maintenance anymore - we're here to manage it all for you.
#3. Communication between Owners and Tenants
Another strong quality you should look for is how a property management company communicates with tenants and owners alike. It’s vital that they maintain a clear separation between owners and tenants regarding rental units or other issues related to the tenancy agreement.
This ensures that both parties remain professional and respectful during their interactions while also avoiding any potential misunderstandings or conflicts of interest between owner/landlord and tenant/renter relationships.
This way, owners like you don’t have to deal directly with complaints or requests from tenants, leaving the responsibility in the hands of the professionals like us who understand all the legalities of tenant relations best. This can be related to rent collection, repairs, lease renewals, etc., which should all come through the same contact point – usually property managers – who will act as an intermediary between owners and tenants on behalf of both parties.
Also, tenants will feel like they have a direct line of communication with their property manager rather than going through the owner for every issue or question. This helps ensure that any problems are dealt with quickly and efficiently, leaving both parties satisfied with the outcome.
That's why here at Fenix Property Management, we offer separate portals for owners and tenants so that all communication goes through the same platform without direct contact between the two parties, which can be beneficial for everyone involved.
#4. Transparent Disclosures
When it comes to legalities, a property management company should have the ability to generate leases properly and provide necessary disclosures for tenants.
This includes transparent disclosures of leases to tenants upon move-in or renewal prior to signing any contracts or agreements related to renting the unit(s).
Also, they should make sure you understand what kinds of legal documents they produce, such as lease agreements, addendums, inspection reports, etc., so you can rest assured that everything is being handled correctly according to state laws and regulations, depending on where your rental units are located.
There are many varying requirements, including lead based, termite, rental licenses, etc which are location specific.
In line with this, our property management team ensures that all legal documentation and disclosures are adequately issued and updated whenever necessary, such as lease renewals or changes in tenancy agreements.
Since we specialize in the Philadelphia area, we are familiar with local laws regarding tenant rights, so there are no surprises down the road if something goes wrong.
#5. Renters' Insurance, Utilities & Security Deposits
Lastly, when selecting a property management company, ensure that they are experienced in managing renters' insurance policies, utilities, and security deposits. This will guarantee the best protection for you and your tenants!
To safeguard yourself from tenant liabilities or damages, inquire about their policies in detail. Ask if they have tenant screening or a need for proof of renters' insurance prior to permitting someone into the unit and how quickly security deposits will be returned once the tenant moves out (as different states have specific time limits). By doing this, you're making sure that your investment is guarded and secure.
Good property managers will also ensure that gas and electric bills are converted over to the tenants name, and switched back to the owner if they leave so there are no delinquent payments. Depending on the lease, they will also charge back for water each month.
That's why as your trusted partner for your rental properties, we require all tenants to secure renters insurance and submit security deposits before entering into any lease agreement. This is done to both protect rental property owners from potential damages caused by the occupants of your rental units and in order for us to help save you thousands of dollars on future repair costs!
Wrapping It Up
Finding the right property management company doesn’t have to be hard if you know what factors to look for. With these factors we provided, you can easily find a professional property manager who will take great care of your investment.
While it may take time (and research) initially, the rewards can be great - from receiving accurate payments on time every month, having reliable contractors on-call for emergency repairs, avoiding unnecessary legal battles, enjoying peace of mind knowing that you're working with an experienced professional like our team who has your best interests at heart - these are just some of the benefits of hiring a good property management firm.
So don’t rush into this decision; take your time evaluating potential property management companies until you find one that meets all of your needs!
Planning to rent out your property? Fenix Property Management offers the highest-quality property management services of any other property manager out there.
We understand how stressful it can be to manage a property - so we provide our clients with an extensive list of offerings that make life simpler.
From tenant background checking to collecting rent payments - and everything in between - you will have peace of mind knowing that all is taken care of by us.
Contact us today, and let us help you take the stress out of owning real estate so you can reap its financial rewards.
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