The success of your investment property largely depends on how it’s managed. If you’ve decided to self-manage, you’ll need to have the time, expertise, and resources to successfully take care of the leasing, maintenance, and compliance issues involved. If you’ve decided to have it professionally managed, you’ll need to choose the right company.
We have some ideas on how to select the right Hamilton property management company. These tips will ensure your investment is in good hands.
Look for Experience – The Right Experience
Finding a property management company with 30 or 50 years of experience is fantastic. Unless that experience is in multi-family apartment buildings and you have a single-family home that you’d like to rent out. Looking at experience is important when you’re choosing a property manager, but you want to make sure you find someone with experience that matches your needs. Select a management company that knows the area your investment is in and understands the unique needs of your property type.
Check Out Reviews and Reputation
Reputation is more important and accessible than ever. You can do a little digging online to find out what current and former customers think of the property management company you’re considering. Look for evidence that they’re good at what they do and responsive to their owners and tenants.
Make Sure Technology is Valued
Technology is important, and not just because the latest gadgets and gizmos are fun. You need a property management company that’s willing to invest in technology because a lot of automation and documentation will help your property get managed more efficiently and skillfully. With the right online platform, you’ll be able to see all of your accounting statements and run financial reports. You can keep up with maintenance requests and approve invoices. Technology also helps with marketing, screening, and the documentation of your property’s condition during inspections.
Look for Systems and Processes
A good Hamilton property management company will have a set of procedures that dictate everything they do. With the right systems in place, you can be sure that your property will be protected, valued, and managed expertly. Everything from the tenant screening process to the maintenance response should be documented and consistent. When you’re meeting with prospective management companies, ask a lot of what-if questions. What do they do if a tenant pays rent late? What if an unauthorized pet is found in the property? How will they negotiate a lease renewal? When do you get paid your rent? There should be easy and documented answers to each of these questions and any others you might have.
Finding a good property management company can sometimes seem overwhelming. You’re entrusting one of your biggest investments to a team of professionals, and you’ll have high expectations. Find out how much they charge, how they communicate, and what you can expect in terms of results. The right property management company in Hamilton will treat your property with respect, understand your investment goals, and provide great customer service to you and your tenants.
If you’d like to hear about the value that our customers receive, please contact us at Spotted Properties. We’d love to tell you more about what we do.