Houston Property Management Blog

Rental Property Investing: 4 Tips for Choosing the Right Residential Property Manager

System - Thursday, May 26, 2016

Houston’s booming city means an increase of people looking for a place to call their own. For all those landlords pulling their hair out, choosing the right residential property manager makes all the difference. If you love the income, but despise all the work that comes along with it, hiring a residential property manager can alleviate you from the not so glamorous parts of renting out your property. After you’ve decided it’s time for a professional residential property manager to deal with difficult tenants and laborious maintenance issues, the next step is figuring out how to identify a great residential management service.

1. Expertise - Hire Experienced Property Managers

Do your research and ask many questions. You wouldn’t just hand over your keys to a stranger, so why do it with a residential property manager? Look for property managers who have experience managing properties similar to yours. Managing an apartment building may differ from managing a duplex or even single family homes. Your property expert should be just that, an expert! Find information on how many units the property management services currently handle and how exactly they can care for yours. Ask them about their knowledge in the Houston or surrounding market areas and don’t be afraid to ask for references. Not only do the managers need to be experts in property management, but they should also be knowledgeable in accounting to make sure you are compliant to tax laws, controlling repair costs and that cash flow is paid attention to. You are responsible for making sure your property management services maintenance workers can deal with any emergency repairs or issues that may arise. Overall, pick a management company that is skilled, experienced and professional in all aspects of managing a property.

2. Availability - Property Managers That Are Available

Some property owners look to management services simply because they are not currently in the area of where their property is located. Choose a residential management service that you can actually get a hold of since staying in constant communication is vital especially for remote owners. Automated call centers can lead to frustration and short office hours are conflicting for property owners residing in different time zones. When choosing your residential management services, consider a company that is great with communication so that you are always aware of the status of your property.

3. Tenants - Property Managers with Excellent Customer Service

Tenants remain tenants not only because of great living conditions and personal preference, but because of the great customer service given to them by the property manager. Nothing is worse for tenants than to have to call about a leaky pipe, and there seems to be no sense of urgency on the other end. Having positive relationships with tenants is non-negotiable. Do research on company values, missions and experience with tenants. Not only is a property manager responsible for acquiring new tenants, but they should be able to keep tenants happy because that’s what their company stands for. There’s no doubt that when choosing a residential property manager that takes pride in the well-being and needs of tenants, there is a correlation between satisfied tenants and decreased turnover rates. There should also be a good relationship with you, after all you are trusting them with one of your greatest assets.

4. Great Marketing Tactics - Finding Good Tenants

How will your property manager ensure you that they will be renting out to responsible tenants who won’t destroy your property? Many residential property managers have strategies for seeking potential tenants through screening processes. If your property manager takes the time to do background checks and request renter history, this shows that tenant quality is important to them. Being careless when renting out properties and not being able to fulfill vacancies all lead to losses. Choose a residential property management service that is proactive when seeking renters is key. Go ahead and ask about how they advertise vacancies for their units and who they directly target. Residential Property Managers are meant to make your life easier. If you don’t choose the right company, life as a landlord may end up being harder. There are a number of important factors to keep in mind when deciding on the right residential management services. In all, choose a company you can trust, is reliable and who knows exactly what you need and how to do it. Although hiring a property manager doesn’t mean wash your hands of all responsibilities, you can look forward to a much less stressful year.