When you’re running rental properties, being a nice landlord gets you walked over while being rude and cold causes its own set of problems.
If you’re not prepared for what to look for help with property management in Charleston, SC, you could end up being one of those landlords that no one likes. If you’re looking for the right property manager for your building, you need to make sure they meet some basic criteria.
Here are four ways to ensure you find the right property manager to handle your rentals.
The best way to get insight into how a company works is to ask someone who has worked with them before. If you’re in the Charleston real estate scene or if you have people who you’ve met along the way who are, ask them what they think. Most people wouldn’t recommend someone bad, as it would hurt their own reputation.
Word of mouth referrals ensures that you get the chance to ask some vital questions about a company before you work with them. Finding the right property management company that fits what you’re looking for is a challenge. If you find out why someone is biased toward a certain company, it helps inform your decision.
Ask a few different people and ask them what was important to them about the company they worked with. Check that what you’re looking for aligns with what your friends were looking for when they tracked down a management company. If it doesn’t, then you might not like the same companies.
However, when you talk to people who you know and trust, you have an extra layer of reassurance that they wouldn’t want to steer you wrong. Pay attention to what your friends are looking for in a management company because you could be focusing on the wrong things.
As you know, you can only half-believe about half of the things you find online. While there’s lots of good information, there’s also a lot of “information” that is actually just paid to be a specific company. When some companies are trying to promote their own services, they’ll go to all kinds of lengths to make it look like they’re the best around.
Search for property managers in your region and see what kind of reviews they’re getting on Google and Yelp. While they might mostly be written by disgruntled residents or former employees, take everything as having a kernel of truth. This lets you know what they’re bad at the very least.
Check out the ratings on a variety of different sites in the real estate industry. There are ways to find out about how the company you’re looking at handles business from the perspective of customers and clients. Find out what some of their strengths are and make sure they’re in places that you need your company to have strengths.
When you’re looking to hire a management company, you need to talk to a few before you decide on one. When you’re looking to leave your property in the hands of managers, you’re trusting one of your largest assets to someone who has little stake in it. If every one of your tenants decides to move out one day, the management company still gets paid, but you don’t generate any revenue.
If you want to find one that’s easy to work with, you need to take the time to meet up with them beforehand. If they’re not willing to meet with you for an interview, then you can check them off of your list, because it means that communication doesn’t matter.
When you have an in-person meeting, you learn a lot about the way that that company communicates. When a company works hard to communicate clearly in order to understand what you want and need, it means they want to serve you. You can talk directly about their terms and conditions in a concrete way that helps you understand what to expect from them.
After you meet with a company, the decision to work with them permanently is much easier. You’ll learn important things about the way they function and the way they communicate to let you know what to expect in the future.
When you’re running a rental property, whether rental or commercial, you’re management company makes or breaks your profit margin. Keeping a property running remotely is a challenge and you need to ensure that your manager wants to keep your building full.
Some property management companies end up charging you for the total number of units you have at a base price. Others will only charge you if your units are occupied. This means that the company is willing to take a hit if a property is vacant and is invested in filling it.
Talk to the company to see how they advertise and help to rent out your vacant units. This is the vital tool for ensuring that you’re making a steady profit and making enough to pay for all of the fees that occur along the way.
They need to have good tenant screening and rent collecting methods to ensure that you always get paid on time. You also want to good tenants on your property to ensure that nothing is permanently damaged. A broken window every now and then is one thing, but tenants that cause insect infestations with filthy behavior is another.
Finding the right property management in Charleston, SC means knowing the market, knowing the tenants, and being a kind landlord. It also means knowing when to be firm, and how to vet people up front.
If you do the work to vet for the right tenants up front, your management company can build a long and lasting relationship so that your building grows in value.
If you have more questions, contact us today.