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How to Choose the Right Property Management Company

Choosing a cheap PM company will cost you.

The best property management companies are those that show initiative and proficiency. They are confident in what they do and are able to control and manage a wide range of property types. 

 

An experienced manager can ensure your tenants are happy, all cash flow is accounted for, and the property remains in great condition.

 

However, a bad property manager can cost you both time and money by mishandling regular inspections, accepting undesirable tenants, and neglecting your property, leading to low retention rates.

 

Finding the best property manager can take your investment to the next level. However, rental management is a complex undertaking involving legal matters, handling tenant communications, and taking steps to protect the property itself. 

 

With rentals continuing to be a booming industry, property management firms are popping up everywhere. That being said, not all rental managers are created equal.

Tips for Finding the Best PM Company

1. Do Your Research

The best way to start looking for a PM company is do a simple Google search to narrow down prospective companies. While you're at it, take a careful look at each PM company website for these key components:

  • List of Services (tenant screening, rent collection, etc.)

  • Management Fees, Fee Schedule, and any Ala Carte Services/Fees

  • Staff and Leadership Information

  • Special Features for Owners and Tenants

  • Contact Information

  • Client Testimonials

  • Tenant Reviews​

 

2.  Stick with Local Expertise  

When it comes to effective property management, understanding the local market is critical.  The best property managers have proven local experience in –

  • Applicable Laws and Licensing Requirements – Each jurisdiction may have specific laws that govern rental properties. That said, these may include rental licensing, inspections, or lead certification.

  • Market Demographics – Filling vacancies efficiently comes in part from understanding who your tenant pool is. For example, is the area popular with students? Is your property likely to attract a family? A good PM will target their marketing efforts for maximum exposure.

  • Vendor Relationships – Every rental will need repair or maintenance eventually. That said, it is important to partner with a manager with established vendor relationships. Therefore, meaning your property can receive the attention it needs promptly.

3.  Prioritize Organization and Technology 

 

Managing rental property involves a lot of communications and record keeping.  The property manager you choose MUST have the process and technology to handle these demands. 

Here are a few tips on narrowing down your options.  

i)  Interview Multiple Candidates  - Here are some helpful questions to ask...  

  • How long have you been in business?

  • Will the company allow you to review key documents such as the PM Agreement and lease?

  • What is or is not included in the monthly management fee?

  • Is the management fee based on rent collected or rent due?

  • How many properties does each manager typically oversee at a time?

  • What are the standard applicant requirements and basic screening process?

  • How do you perform property inspections?

  • Do you have an online portal for tenants and owners?

  • Do I receive monthly and annual financial statements?​

ii)  Test Candidates with Very Specific Questions  

An ideal property manager is someone who is flexible and experienced enough to handle a wide range of property issues. Therefore, test candidates by asking them specific questions that assess their skill set.

These may include:

  • What is your process for after-hour emergencies?

  • Do you have any marketing strategies to limit vacancy?

  • How would you deal with sudden or severe property damage?

  • What would happen if a tenant needs to be evicted?

  • What is the company’s eviction rate and how quickly do they typically fill vacancies?

4.  Personal Impressions Matter

 

A company should care about doing business with you and return your calls or emails in a timely professional manner.   Also, trust your gut.  As with any other relationship, its important to have a good feeling about your PM, since they'll play an important role in caring for your property.  

We can help you make this decision.

property management Toronto

At Owl Key Property Management, our experienced team handles every aspect of your rental business for a low monthly fee.

 

In addition, our professional marketing strategies will help us rent your home in an average of fewer than 30 days.

 

A thorough applicant screening process allows us to boast a less than 1% eviction rate. So, if you are looking for a reliable local PM group give us a call today to learn more.

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