If you own and run a single-occupancy rental home or a building with multiple units, hiring a property management company to deal with them is paramount.
For one, they can regularly check and smoothly run your properties in the event you live from afar. They can perform tenant screening, property marketing, rental payment collection, property maintenance, and repair, as well as other tenant concerns. Two, your manager can handle both property maintenance and tenant issues on your behalf, even if you live near the rental units. These property and tenant concerns can be quite too much and time-consuming for you.
At this point, you may probably be wondering if you should keep your property manager to handle your rental properties. As long as your manager continues to perform their job excellently and adds value to your properties, then you have enough reasons to keep them. On a more specific note, below are five good reasons to do so:
1. Proper communication
As with any undertakings, communication is key. Know that your rental properties are investments, so you should definitely know what’s going on with your investments. A great property manager is someone who constantly updates you about your property status, tenant concerns, and other issues that may potentially arise. It’s best to deal with a proactive manager who reports to you regularly.
2. Long-term tenants
If you have a rental property with multiple units, you want to ensure that your tenants stay for as long as possible. Long-term tenants are an indication that they are satisfied with the units and the services they get from your property manager. It’s possible that one or two tenants may move out once their leases expire due to personal reasons. However, a mass exodus may mean issues with your rental properties and the property management company that you hired.
3. Quality tenants
Quality tenants indicate that your property manager has done a great job during the screening process. This means that your manager has come across reliable applicants who turn out to be quality tenants. These are tenants who pay on time, comply with rental rules, and do not give your property manager headaches at all. Of course, you don’t want tenants who are too noisy, do not pay on time, and have issues with the neighborhood.
4. Full occupancy
As your rental properties are investments, you want to make sure that all units are occupied. With full occupancy of your rental units, this means more income for you. After all, that’s the main purpose of investing in rental properties. Now, if you have a handful of units that aren’t occupied, this means two things. Your property manager is not doing enough marketing or doesn’t do their job at all.
5. Clean and tidy property
Take time to visit your properties from time to time. If you see that your properties are clean, organized, and have no issues at all, this means that your property manager is doing enough as far as property upkeep is concerned. That indicates that your manager is always on top of everything, and you should commend him or her for that!
Final words
Your property manager plays a vital role in maintaining your property and dealing with your tenants. To gauge how your manager has been performing all this time, consider the five attributes outlined above—proper communication, quality, and long-term tenants, as well as full occupancy and organized property. All these indicate that your property manager is absolutely doing a great job.
If you have properties in New York City, get in touch with True Management today. We provide simple and straightforward property management solutions.