Both landlords and realtors face a challenge when it comes to renting out properties to prospective tenants. It’s a time-consuming process to select the best candidates who are responsible and will pay on time, while respecting the property, and handling things like maintenance and repairs. For that reason, many opt for the services of a property management company that can take the load off. This is especially relevant for those who have multiple properties and growing real estate portfolios that need managing.
Finding the right property management company means examining your personal needs as a landlord or realtor, first and foremost. From there, it’s a matter of checking out various property management companies to see how much experience they have, as well as their track record of success. RentCore prides itself on being a top-level property management company serving the Greater Toronto Area, and we know the criteria necessary for success and client satisfaction. Read on to learn more.
IDENTIFY YOUR OWN NEEDS
Before you can begin to find a good property management company, you must first identify your needs. Are you an ambitious entrepreneur with very little time on your hands? Do you want a better work/life balance? Are you interested in a “set it and forget it” approach to renting out your properties for the sake of peace of mind? There are many factors to consider before you begin your search for the right company. It’s also important to identify any challenges and issues you’re facing with your current property management company, if you have one. Don’t stick with your current company out of convenience, or it may cost you in the long run. Instead, be prepared to switch companies in order to take advantage of better and more robust services, not to mention greater professionalism and results.
CHOOSE A LOCAL COMPANY
When searching for a property management company, it’s wise to choose one residing in the area of your property. Local companies already know the various real estate bylaws, not to mention trends that can affect everything from marketing, to tenant selection. Moreover, local property management companies have undoubtedly established ties with various businesses in the area, many of which provide repair and maintenance services at good rates. When it comes time to put your property up for rent, a good property management company will maximize exposure, simplify the process, and guarantee a seamless experience for the long term.
ASK ABOUT SERVICES
It’s important to choose a property management company with a solid list of helpful services that can take the stress and grind out of your daily routine. A good company knows how to handle all marketing and advertising for your property, as well as tenant selection, the drafting of contracts, and things like regular inspections. They’ll also handle rent collection, including tenants who are in arrears, while providing transparent and straightforward accounting and reporting records. A property management company should keep track of regular maintenance on your property, as well as any necessary repairs. And finally, 24/7 on-call emergency contact information is a must to guarantee peace of mind and platinum-level service.
DO YOUR HOMEWORK
The online world is a great place to learn more about any company, and it’s easy to find Google reviews, Facebook comments and other social media content that can shed more light into how a property management company runs. The best companies know the value of transparency, and they will strive to present themselves as human beings who are willing to treat you the same, as opposed to just another number. Service is a number one priority for great property management companies, which means it will inevitably show in client reviews. Analyze what they have to say, including any potential criticism, and whether the property management company responded to it in a professional and constructive manner. And of course, when in doubt, it’s always handy to check the Better Business Bureau to see if a property management company is virtuous and honest.
TRACK THEIR WORK
If you’ve decided to go with a particular property management company, you are now in a position to see if they are able to live up to their reputation. Great property management companies know the value of transparency when it comes to showing their work, which means regular reports that clients can easily decipher and digest. Most use advanced software suites to keep tabs on every element of the property management process, especially as they grow in size and stature. By accessing regular reports generated from their software suites, landlords and realtors can keep an eye on real-time results, month-per-month. This is very advantageous and convenient, as it allows for better record keeping, and a stronger sense of how your property – or properties – are faring in the rental market.
If you’re in need of a property management company that understands your needs, concerns and real estate goals, we recommend getting in touch with RentCore today. We’d like to hear your story so that we can determine how best to service your property needs.