Searching for, “property management near me?” If so, you came to the right place. After all, I used to manage properties myself. I’ll show you things to consider and how to pick a rockstar. Read on to learn all you need to know.
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- Property Managers Near Me
- Benefits of Property Management
- Signs You Need a Local Property Manager
- Things to Consider
Property Management Near Me
“I need to look into property management near me.” Most rental property owners consider it at some point but worry if the cost is worth it.
Some wonder if they’ll be able to find quality property management in their area. Still, more than 51% of rental property owners are already working with a property management company.
Hiring a property manager is a big step forward. Doing your research is important. That’s why I’ve created a guide to help property owners find a nearby property manager they can trust.
What This Article Covers
I’ll show you the benefits of hiring a good property management company, what to look for in one, and point out some red flags to avoid.
I’ve also included a form in this guide to help you connect with a property management company in or near your zip code.
To find the best, you shouldn’t settle for the first company you see when you search “property management near me.”
Before you even begin your search, you need to know:
- The benefits of hiring a property management company
- Indicators that you need one
- Signs of a quality company
- Red flags to avoid
- How to find highly rated property management near you
Let’s start with the benefits of hiring a pro. After all, property management can benefit not only you as the owner, but also your tenants.
Benefits of Property Management
When you decide to hire a property management company, you essentially transfer the day-to-day hassle of managing your rental properties and tenants to a qualified company or person.
It’s their job to streamline and optimize processes to run your properties smoothly while ensuring your cash flow is uninterrupted.
But that’s not the only benefit of property management. Here are some of the advantages hiring a full-time manager can give you.
All Tenants are Screened
Whether you have one residential rental property or multiple units in an apartment complex, finding good tenants who will stick around is a common hassle for property owners.
The Rental Housing Journal found that 62% of owners cite “finding and keeping tenants” as their number one stressor. It’s no wonder so many turn to property management as a solution!
Property management companies thoroughly screen all tenant applications to ensure only reliable tenants with a history of paying on time are considered.
They may have background checks done on tenant applications once they’ve narrowed them down. The more experience a property manager or company has, the better they are at checking tenant applications and noticing flaws or red flags.
They can also spot the tenants who stand out, perhaps by indicating they’ll take care of outdoor maintenance or allow rent payments to be automatically deducted from their bank account each month.
Regular Property Inspections
Property managers conduct regular property inspections, so you don’t have to. They can do a quick walk-through of your rental property and note any small issues that should be fixed before they turn into expensive problems.
Experienced property managers know where to look for common maintenance issues and how to uncover problems that might have been hard to find.
Regular property inspections also give them a chance to get to know the tenants better and develop a positive relationship.
Steady, Secure Rent Collection
If getting paid on time has been a headache for you, or if you’re just sick of chasing monthly rent payments, hiring a property management company will solve the problem.
Your manager can optimize your rent collection process in a few ways:
- They take their property management fees directly from collected rent, so they’re highly motivated to make sure your tenants pay rent on time.
- They may use secure online payment portals to allow tenants to pay instantly or set up an automatic monthly bank draft.
- They fully understand the language of each tenant’s lease and can enforce policies or rules written in the lease.
- They know how to handle an eviction process if needed and can encourage late tenants to pay.
Even if you’ve been fortunate enough to have model tenants that always pay on time, it’s helpful to have a property manager set up automatic payment processes.
If anything, it makes it easier for your tenants to send their monthly rent payments on time.
Delegate the Difficult Stuff
When you bought your first rental property as an investment, you probably weren’t looking forward to:
- Getting sued by tenants
- Creating and terminating leases
- Doing tenant background checks
- Responding to maintenance requests
- Dealing with security deposits
- Handling evictions
It’s a significant advantage to have a property manager because they’ll step in to take care of the more difficult parts of running your rental property.
Property managers can help you avoid lawsuits by ensuring your property is operated according to fair housing and landlord-tenant laws. They’ll offer their expertise if any unexpected issue comes up.
Best of all, experienced managers will see tenant trouble or potential problems from a mile away and fix the issue before it gets out of hand.
Easier, More Affordable Maintenance
Depending on the property management company, maintenance services may be bundled in with your monthly fee. If not, they may be able to access discounted prices from a local maintenance company.
In fact, many vendors offer discounts for clients with many properties. Their experience also helps them identify current and potential maintenance issues before a maintenance request or work order is even submitted.
They’ll be able to communicate with tenants to ensure regular, simple maintenance tasks are handled, like replacing air filters or cleaning refrigerator coils.
These simple acts can save you money by stopping small issues from growing into emergency maintenance calls or damage.
Indicators That You Need Property Management
There are plenty of benefits to hiring a property management company, but how can you be sure their services will truly make a difference for you?
I’ve found that the property owners who benefit most from property management services share the following criteria.
- Your vacancy rate is high. If you’ve had trouble filling your rental properties with tenants, you need the help of an experienced property manager. They’ll be able to market your listings and get qualified tenants quickly.
- You’re tired of dealing with tenants. Whether you’ve got a needy tenant who calls often or are facing a revolving door of tenant turnover, if you’re sick of managing tenants, you need a property manager.
- You don’t live close to your rental properties. If it’s inconvenient for you to make your way to your rental properties for regular inspections, you could miss burgeoning problems. You need a property manager if you can’t get to your rental properties easily.
- Your rental income is lower than it should be. If you do not see enough cash flow from your rental properties, you might need to raise your rent. A property manager can make sure you’re not charging too little (or too much).
- You’re struggling to get tenants to pay rent on time. Maybe your tenants always have an excuse as to why they can’t pay this month. Perhaps they’re post-dating checks and asking you to wait to deposit them. If you’re not collecting the rent as agreed in the lease, it’s time to have a property manager step in.
- You don’t like confronting tenants. If you’re a non-confrontational person, you might find it difficult to confront tenants about difficult issues like rent increases, late payments, lease termination, and eviction. A property manager can handle these tasks so you don’t have to.
- Maintenance is an expensive hassle for you. All properties require maintenance every now and then, but if one more middle-of-the-night emergency maintenance request makes you want to scream, you need a property management company. They might have maintenance staff of their own or get big discounts on maintenance work from another company.
- You don’t know landlord-tenant laws. If you’re not fully aware of landlord-tenant laws, you could quickly find yourself in legal trouble. Landlords have to follow specific regulations, and failing to do so could result in a lawsuit. Property managers understand these laws and will ensure compliance to avoid legal problems.
Signs of a Quality Property Management Company
Once you’ve determined that you need a property management company, the most important part begins: Finding a quality company you can trust.
Not every property management company is scrupulous and trustworthy, so do your research and know what to look for.
They Have an Informative Website
A good property manager or management company will have an information website. The website should go beyond a quick introduction and contact information.
Look for information about their services, pricing, guarantees or warranties, reviews and testimonials, and staff. The more information you can find on a property management website, the better.
It enables you to immediately compare different companies’ services and fees to see which will be the best fit.
They Offer a Wide Range of Services
The best property managers offer a wide range of services for property owners.
These might include:
- Rent collection
- Online payment portals for tenants and landlords
- Regular financial reports
- Tenant background checks and screening
- Lease creation
- Rental marketing
- Property inspections
- Full maintenance staff
You hire a property management company to run your rental properties more efficiently, so be sure to look for a company that can cover all the bases.
They’re Upfront About Pricing
Not all property management companies list their fees and pricing online. Some that do advertise one fee and then pack on additional fees each month.
When you’re considering a property management company, ask for details on all fees they charge.
You might see common fees like:
- Setup fee – One-time fee for the initial inspection and onboarding to get started with the company
- Management fee – The main property management monthly fee
- Leasing fee – A fee you’ll pay if the property manager finds a new tenant and creates a lease agreement for them
- Lease renewal fee – A fee you might pay each time a tenant lease is renewed (not all charge this fee, so be sure to check)
- Maintenance fees – This fee may be charged annually or monthly to cover the cost of regular maintenance on the property
Some property management companies stick with flat rates to keep things simple. Others base fees off percentages of the total rent or value of the property.
Communicating with your potential property management company about all fees and how they’re calculated will ensure you’re never caught off guard with unexpected charges.
They Have a Good Better Business Bureau Rating
The Better Business Bureau is a great resource to check up on a property management company you’re considering. By searching the company name on the BBB website, you can find any past complaints against it.
Even if they’ve since been resolved, you’ll still see. You can see how the company responds to complaints and negative reviews.
You can read through customer reviews that may give you an idea of what it’s like to work with the company. The Better Business Bureau also assigns a letter rating to each company.
Check the property management company’s BBB rating to get a sense of the company’s overall quality and trustworthiness.
Property Management Red Flags to Avoid
We just covered some of the signs of a quality property management company, so let’s look at some of the red flags that signal an untrustworthy company.
They Want You to Pay Based on Scheduled Rent
Property managers make money when you make money. It’s what keeps them incentivized and motivated to manage your properties well and get new tenants when there’s a vacancy.
If a property management company’s contract states that they charge their fees out of rent due, rental value, or scheduled rent, run.
This means they’ll be collecting their fees regardless of whether you’re generating rental income from a property.
The contract should state that they collect payment based on rent collected to ensure you’re not left holding the bag.
They Charge High Markup Fees
Be wary of any property management company that charges high markup fees for regular services like maintenance. If you see that they charge a markup fee of more than 20% of the base price, it’s a red flag.
You should pay a monthly or annual maintenance fee to cover the property management company’s work. Still, for actual repairs and replacements, a good company will only charge you the cost of the item or repair.
It’s Hard to Get in Touch With Them
Another red flag you shouldn’t ignore is a company that is hard to get in touch with. If you’re not a client yet and can’t get them on the phone or return an email, think about how difficult the working relationship would be!
Property managers are the liaison between you and your tenants, so they need to be great communicators that are available when you need them. If they’re not, look elsewhere.
They Don’t Have References
Everyone starts somewhere, but if you run into a property management company that has no references or experience, it’s a red flag. They may be trustworthy, motivated, and good at the job.
But if you can’t verify it with references, don’t take the risk. Experienced property managers have a business plan, accounting processes, reporting standards, and knowledge from years of dealing with tenants and landlords.
A brand new property management company or individual could turn out to be dishonest or incompetent. But they may also close the business after a short time and leaving you without a property manager.
How Do I Find Property Management Near Me?
Finding property management near you doesn’t have to be difficult, but it does require a little research on your part. Start with our Property Management Near Me form to see which property managers in your area are available.
Then use the signs of a quality property management company section above to compare. Make a note of all fees and services offered. Be aware of the red flags that indicate a poor property management company.
Your rental properties are a valuable investment and provide a safe, well-maintained home for your tenants. Find a property management company in your area that values that as much as you.