There are nearly 20 million rental properties in the United States. This makes the rental property business incredibly profitable. However, if you want to take a laisse fair approach to your investment properties, you must hire a good property manager.
There is a surplus of property managers for hire, however not all will offer the best service. Keep reading to learn what four qualities to look for in property managers.
1. Skilled in Marketing Strategy
Marketing-focused property managers will work to bring in high-quality tenants and maintain a flow of occupants for your rental location. These managers will track what channels and platforms bring in the most leads and strategically place properties online.
Property managers that exhibit a strong marketing strategy will work to capture good photos to highlight a property. These pictures paired with strong copy can help capture potential tenants' attention and bring in revenue.
2. Strong Network of Contacts
Property managers with a robust network can tap into their network to maintain the property. Having a handyman, pool service, cleaning service, and landscaper on file can help you cut costs and keep the property in great condition.
A good property manager will thoroughly inspect a unit once tenants leave to spot any damage or potential problems. Once identified they can use their network to repair any issues before new tenants come in.
3. Bookkeeping Expert
Property managers are responsible for collecting and managing the day-to-day financials of a property. They collect tenants' rent and fees and arrange the payments for incoming bills.
Good bookkeeping allows you to compare year-over-year growth and identify properties that are underperforming. From a business perspective, clear financials is essential to ensure a profit.
4. Timely Communicator
When leads begin inquiring about a property's availability your property manager must be timely in their response. Potential tenants often ask about multiple properties in an area, so a fast response can help secure you a tenant.
The best property managers also use this timeliness when managing any issues that may arise. If there is a maintenance problem or dispute, a quick response can help ease tensions, fix the problem, and help all parties reach a fair resolution.
When you hire a property manager from the HomeRiver Group, you are getting a whole team who is able to manage business communications. We work hard to ensure that no tenant request is left unanswered.
A good way to gauge the timeliness and effectiveness of a prospective property manager is to see how fast and informative their responses to your own questions are.
Scout the Best Property Manager
Good property managers help alleviate any stress that may arise from your rental property. They are-full service. A property manager acts as point of contact for tenants, manages business expenses and even markets your rental.
At Chattanooga Property Management, our team of experts if fully equipped to help take over the day-to-day needs of your rental property. Contact us for all of your property management needs.