How do you pick a good property management company?
One of the more daunting challenges that faces every investor is deciding which property management company to go with. There are many factors to take into account including experience, reliability, price, availability etc. Read on to learn more about what to look for.
By: Atlas Group LC
Expectations and Communication
Making sure that you and your property manager are on the same page is key. Expectations vary widely and if these expectations are not properly communicated there is a good chance that problems will arise.
So, communication must be a priority. Not only do property managers need to be accessible, but owners need to be easily reached as well. Emergency situations almost always start at the property level with the property manager being the owners first responder. It's in these types of situations that a property manager may need to get in touch with an owner quickly. It's best to make sure everyone has multiple ways of communicating with each other. In addition, when it comes to emergencies an owner should make sure that someone involved with the chosen management firm is available 24/7.
Management Agreements Differ
Owners need to understand that not all management agreements are created equal. Be sure and ask questions of anything that is unclear. One clause you need to consider with some firms is the auto-renewal clause. With these clauses, if the owner does not make it known that they would like to end the agreement then they automatically get renewed for an additional term and the owners are locked in. Getting out during the middle of a term is usually expensive.
At the Atlas Group they do not have an auto-renewal clause… they don't believe that it's in anyone's best interest to force them into an agreement. In addition, they have zero startup and zero cancellation fees. Their intent is to keep your business through positive results. They are in many respects a vested partner since they don't make a penny unless the owner is getting paid.
Expertise Is Crucial
Property management has its risks just like everything else but it is the Atlas Group's expertise and experience that mitigates those problems and reduces those financial challenges as much as possible. They want their owners and property managers to be a team, a winning team, year in and year out. Their intent is to make the owner's investment give them the largest return possible.
When in doubt look at the referrals and testimonials that both current and previous owners have made. The fact that the Atlas Group was voted as one of the Best of Las Vegas property management firms speaks volumes by itself. If a prospective owner would like to speak with a current client or two just ask the property manager for a couple of referrals and feel free to do your own investigation.
What's It Going To Cost
Many times owners are only concerned with one thing, and that thing is price. What's it going to cost them to have a responsible, informed, experienced team member to facilitate the management of their property? Maybe a better question is, what's it going to cost if they don't have a manager with those qualities? Like most things in life, you get what you pay for. If you go for the absolute cheapest price, statistics and experience have shown that when the chips are down the owner might not get everything they were counting on to properly handle the investment.
Property Management Systems Are Key
At the Atlas Group they handle everything from A to Z along with a few other letters from both the Phoenician and Egyptian Hieroglyph alphabets for good measure. In fact, they have over a 50-point features and benefits package for their owners. Some of the larger categories of features include listing and showing properties, background checks and leasing, handling maintenance issues, interacting with HOA's, initiating and completing evictions to name just a few. The bottom line is they're protecting the owner's asset and making it produce for them.
The Atlas Group has been in business since 1995 and they have the systems in place that make sure they stay on top of every property. This allows the owner to do what it is that they do best and removes the stress associated with being a landlord. Nobody buys an investment property with the goal of also getting a 2nd or 3rd job of watching over it. And, if the owner has to micro manage the property manager what good are they?
If you want more information on the rental market here in the greater Las Vegas valley or would like a free no obligation analysis of your property's rental potential, feel free to give them a call or shoot them an email.
Richard Raines - Lic B.0033384