You always want to ensure a rental property thrives to give you the ROI you deserve. The secret to this lies in the expertise and professionalism of the people managing the location. If you wanted for a good turnkey property management service, would you know what to look for?
These five tips should help you start your investigation, giving you methods to find the diamond in the rough.
1. Gauge Experience With Turnkey Property Management
Try to find a company that has worked in turnkey properties for a significant time. A long-standing management service will have handled many diverse issues over the years. They will often have property management strategies in place to prevent any issues from escalating.
You will also want to check out their portfolio. They will be a better choice if they either have a diverse portfolio or one that matches your style of property. It is important to know they understand the nuances of the location you wish them to handle, especially if it is a unique structure.
2. Evaluate Their Property Management Options
Check out all the different services they offer. Some types of property management will not provide every form of help.
The more comprehensive the services they provide, though, the more hands-off you need to be. You can then focus more on growing your portfolio instead.
3. Assess How Well They Communicate With You
When you contact a location to investigate their services, try to learn how good they are at providing open and honest information. Also, if they say they will call you back at a later time, see how well they uphold that promise. A high-quality manager will get back to you when they say they will every time.
4. Compare Their Fees With Industry Standards
With so many property management options available, make sure you understand the different fees they demand. You need to assess whether each is good value for money, remembering that a higher fee does not always mean a better service.
5. Judge Their Tenant Management Methods
Determine if their style of tenant interaction suits how you would prefer to present yourself and your properties. There are many different areas where a company would need to interact with renters, this includes:
- Tenant screening
- Complaints and requests
- Newsletters or updates
- Lease renewals
- Repair and maintenance
- Rent collection and arrears
Each of these has different demands, which may change over the years. So, ensure they can maintain a professional tone no matter what they need to communicate.
The Best Turnkey Option in Lynchburg
Picking the right manager for your property can be an easy process by ensuring you have all the right information to make an informed decision. Still, it would be much easier if we just gave you information on your best choice for property management in your area.
Here at PMI Lynchburg, we have decades of learning behind us to ensure we always know the best way to handle any issue that might come up. So, book a chat with us to learn more about how we can take the hardest turnkey property management work off your hands.