Professional property management delivers a lot of value. Not only do you get leasing, management, and maintenance services when you partner with a property manager, you also count on protection for your investment. You want to protect your property from all sorts of disasters.
Unfortunately, not all property management companies are created equal when it comes to providing adequate protection to owners. Today, we’re sharing a story to demonstrate the importance of really investigating what a property manager will do for you when you hire them. You want more than rent collection and tenant placement.
Choosing a Property Manager
One day, we received a call from a rental property owner who was inquiring about property management services. We get calls like this a lot. She was managing the home herself, and told us she was never going to do that again! She said she wished someone had told her how hard property management was.
It is hard. There are a lot of details to juggle and personalities to work with. The woman who called had a lot of good questions about how she could protect her investment and ensure that rental payments came in on time.
We discussed the importance of professional property management. There’s a lot involved, including:
- Saturating the market to advertise your rental home.
- Getting the home rented quickly to the most qualified tenant.
- Conducting move-in inspections and creating videos to document property conditions.
- Collecting rent on time.
- Making periodic assessments during the tenancy to document the condition of the home and ensure the lease is being followed.
- Eviction protection.
- Move-out assessments and documentation.
Most owners are looking for peace of mind. They want to be sure nothing has changed with their tenants and that the property is in good condition.
The woman who called us was grateful for the information. She asked about our pricing and said she was going to check in with other companies in our market, which we always encourage.
Balancing Property Management Cost against Services
This owner who called had decided on another company. She told us their services were not as extensive, but the price was slightly lower.
It’s easy to take the cheaper option. But, it’s not always better.
Fast forward one year later, and the same owner called, pleading with us to come to her property. She said she needed help to make the home rent-ready again.
When we arrived, we were surprised at the condition of this property. The last property management company had placed the tenant and then never went back to inspect or make a repair until the tenant vacated.
The home was destroyed.
The amount of money it cost the owner to get the home ready for the market again was thousands of dollars. She thought she ended up saving money by choosing the lower-cost property management company. But, she ended up spending so much more.
There’s a moral to this story. Find the best property management services available. In the end, it will more than pay for itself.