Hiring a property management company is the best way to protect your rental property investment—but only if you’ve hired a good property management company. While property owners’ needs vary and there’s no one-size-fits-all solution, all quality property managers share certain fundamental characteristics.
A comprehensive property management service should handle all aspects of your rental property, including:
- Marketing vacant properties effectively
- Managing the leasing process
- Collecting rent consistently
- Conducting regular property inspections
- Implementing thorough tenant screening
- Addressing maintenance issues promptly
- Providing detailed financial reports and statements
Before selecting a property management partner, ensure they demonstrate these five essential qualities.
1. Trustworthiness and Transparency
Personal referrals from colleagues or acquaintances provide a good starting point, but additional due diligence is necessary:
- Verify online reputation: Check reviews across multiple platforms and examine how the company responds to negative feedback
- Research industry standing: Confirm their status with the Better Business Bureau and membership in professional organizations like the National Association of Residential Property Managers (NARPM)
- Examine fee structure: Look for clearly stated fees with no hidden costs or surprise charges
- Trust your instincts: While not quantifiable, your gut feeling about a company’s representatives often proves accurate
2. Relevant Experience
Just as a good cook needs time in the kitchen beyond reading cookbooks, effective property managers require substantial hands-on experience:
- Request specific examples of how they’ve handled challenging situations
- Ask for case studies or testimonials from property owners with similar properties
- Inquire about their experience with evictions, tenant disputes, and legal proceedings
- Determine their familiarity with your specific property type (single-family, multi-unit, commercial)
3. Fair and Transparent Fee Structure
Understanding exactly what you’re paying for is essential for a successful property management relationship:
- Clarify whether they charge a flat fee or percentage of rental income
- Identify any potential additional charges for services like:
Tenant placement fees
Lease renewal fees
Maintenance coordination
Eviction proceedings
Inspections and reports
- Request a comprehensive list of all possible fees in writing
- Compare fee structures with multiple companies to ensure market competitiveness
4. Clear Accountability
A quality property management company establishes clear communication channels and accountability measures:
- Determine whether you’ll work with a dedicated manager or a team
- Establish expectations for communication frequency and emergency availability
- Verify their response time guarantees for both owner and tenant inquiries
- Ask about performance metrics they track, such as:
Average vacancy period
Tenant retention rates
Maintenance response times
Rent collection efficiency
5. Robust Tenant Screening Process
The foundation of successful property management lies in finding high-quality, reliable tenants:
- Verify their screening process includes comprehensive background checks:
Credit history verification
Employment and income verification
Previous rental history and landlord references
Eviction records and criminal background checks
- Ensure their application process complies with all fair housing laws
- Confirm they use modern, accessible application methods (online applications)
- Ask about their tenant approval criteria and rejection rate
The Place Tenants Difference
At Place Tenants, we excel in all five essential qualities of exceptional property management. Our comprehensive approach protects your investment while maximizing returns through professional management practices.
Take Action Today
Contact Place Tenants to learn how we can protect your rental property investment and grow its returns. We look forward to preparing a complimentary property management analysis for you. Call 800-886-1193 or email [email protected].
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