Successfully owning rental property requires you to identify the best possible partners to help your investment perform well. Instead of seeking out property management, you need to look for real estate asset management. That’s going to provide you a broader range of services with better outcomes. There are a number of things your management company should do for you. Today, we’re focusing on the top five things you need from your property manager.
Real Estate Investing: Maximize ROI
You probably don’t own rental properties just for fun. You want to make money, and your property manager should know how to do that for you. A good manager will understand the market and price your home correctly. You’ll need to be able to save money on maintenance and minimize your vacancy times and turnover costs. Property managers should find tenants who will pay rent on time, take care of your home, and renew their leases. If your property manager isn’t making recommendations on how to improve your property so it earns more and attracts better renters, you’re not getting the service you should.
Reducing Risk and Sharing Liability
Your property manager should also be managing your risk and keeping you in compliance. It’s easy for landlords to make innocent mistakes that quickly become fair housing lawsuits or security deposit claims in court. With the right property manager, you’ll be protected from costly errors and potential legal battles. Your manager will share the risk by managing the lease, inspecting your property, and taking care of your tenant.
Advocating for Property Owners
Managers serve both owners and tenants. However, the owner’s best interest should always be the priority when it comes to making decisions and taking action. We are here to make your rental property a successful investment. That means holding the tenants accountable and protecting your home. If your property managers own rental properties themselves, they will understand your needs.
Exceptional Customer Service
Good asset managers are responsive and available. Your manager should be accessible to you and have the tools and technology to deliver outstanding service. You want to feel comfortable leaving your investment in the hands of a manager, and the company you choose should focus on customer satisfaction.
Real Estate Asset Management: Communication
We hear a lot of complaints from new customers that their former managers never communicated with them. They were impossible to reach, they never returned phone calls, and their statements and invoices were difficult to understand. You need a manager who can communicate with you directly and answer your questions immediately.
There’s a lot more your property manager should do for you, and if you’d like to talk more about your expectations when it comes to Fullerton property management, please contact us at White Glove Property Management.