Searching for a property management company to manage your rental properties can be a daunting task. A simple “property management company near me” search on Google can help, but there is so much more to finding a reputable company you can trust.
There are plenty of benefits to hiring a property management company, including saving you time and money. When you don’t have to worry about setting up showings, managing maintenance, and retaining tenants, your property investment truly becomes passive income.
By the end of this article, you’ll know where to find a property management company near you and how to choose the right one.
Why Hire a Property Management Company?
You may be asking yourself why you would even consider hiring a property management company. The answer is simple: it saves you time. When working with a property management company, you leave the maintenance of your properties to trained professionals.
Property management companies have a vast network within the real estate industry. This means your property will receive only the best care from the best professionals. In turn, great service means a higher retention rate of your tenants.
While a professional company is managing your rental properties, you will have more time to pursue other investment opportunities or simply enjoy the benefits of your passive income.
Where to Look
There are multiple ways to find a property management company near you.
A quick search online for a property management company near me can open the door to many companies. However, it’s making sure that you choose the right one that is most important.
An online search will bring awareness to the local property management companies in Richmond, but you’ll still have to research their reputation, fees, and services.
A downfall to searching online is that some property management companies near you may not show up. This could be due to the company lacking a website, domain authority, or a simple overlook by Google’s algorithm.
Ask Your Network
As a property owner, you’re sure to have connections with other property investors and real estate agents.
Ask your network for recommendations for a reputable property management company near you. Hearing personal testimonials and experiences can help you decide which company is best for you.
Browse the Neighborhood
Take a walk or drive around the neighborhood, especially where your rental properties are located. Search for property management signs outside of rentals or on storefronts. Write the names and contact information down to research later on. You may come across a company that wouldn’t have shown up in an online search.
Another benefit from walking around is seeing the condition of the properties certain companies manage. If there is a property with trash outside, damage, or more, you’ll know to stay away from hiring the company that manages it.
Once you have a list of local property management companies you’re interested in, schedule a meeting to interview them. A face-to-face meeting can tell you a lot about the company’s culture, work ethic, and methods.
Prepare a list of questions to ask along with a list of services and factors that are important to you.
Interviews can help you make your decision on which property management company to hire. You can also rest assured that you hired your best choice.
What to Consider When Choosing a Property Management Company
Not every property management company near you is the same. Each has its own services, fee structure, and strengths that should be considered before making a decision. Below are some services to consider when searching for a property management company.
The best property management company to hire is one near your rental properties. The closer they are means the quicker they can handle emergencies your tenants may face. It also means they know the area better, which is beneficial when showing potential tenants your properties.
This is great if you don’t live in the same area as your rental properties. In fact, 66.8% of owners hired a property management company because of their location to the properties.
A good property management company will offer both routine and emergency maintenance services. They should have a directory of close certified partners they trust to work with when handling your repairs.
Your property management company should keep you in the loop about maintenance costs for repairs. A better company will provide you with monthly reports about repairs made to your properties.
The role of a property management company is to serve both you the owner and the tenants who rent your property.
As the owner, you should rely on your property management company to screen potential tenants. This includes a background and credit check, among other factors to ensure rent is paid each month.
Good tenant services will also retain tenants longer, which is great news for you! There is a 60%-70% probability a current customer, or this case tenant, will purchase again. This saves you money on finding new tenants. Plus, when tenants are treated well, they view your property’s reputation better.
Business is business, which means your property management company should have financial services available. This can include an annual statement of the cashflow of your properties, balance sheets, and tax forms.
The property management company you hire should also be upfront about their prices and fees. The structure should be easy to understand so you trust they are honest with their business.
Modern Business Practices
It’s the 21st century, if a business isn’t digital, it can harm them in the long run. The property management company you hire should be up to date with their business practices. This means using electronic documents and signatures, online portals, and digital payment services.
Not only does this use of technology make it simpler to manage your rental properties, but it leaves less room for mistakes. It also has a positive impact on the environment by using less paper.
One of the most tedious parts of owning a rental property is marketing it to potential tenants. With a property management company, you don’t have to worry about creating advertisements. They will do it for you!
The company likely has more resources when it comes to marketing than you. This means your properties will get more attention and awareness. Some companies even use real estate agents to help them fill your vacancies.
Hire The Best Property Management Company Near You Today
When searching for a reputable property management company in Richmond, Virginia, look no further.
Contact Hylton and Company today for the highest quality maintenance and services. Your rental properties are in good hands when you work with us.