Updated: Dec 30, 2020
Many property owners today do not realize they have better options for property management. Instead they go on year after year dealing with the same old firm, the same old lackluster service, and the same old fees because they think switching is too complicated. Well, guess what, there are options and switching is relatively easy if you choose a reputable and experienced company. Plus, switching to a better property management firm may save you money because transparent fees and a well-maintained home tend to yield better revenue streams for owners.
As a property owner, you should expect consistent property surveys, quality and timely repairs, transparent fees, thorough tenant screening, and superb responsiveness. Your property management company should care about your costs and be committed to presenting the best quality property to prospective tenants. If your current property management company does not offer this level of service then it is time for you to switch.
What Your Property Management Company Should Offer You
A process for handling emergencies
A quality, cost-effective approach to managing maintenance and repairs
An electronic portal system
Extensive experience and a good reputation
Quick responses to inquiries
Regular property surveys
Rigorous tenant screening
Thorough legal knowledge related to property management
Sometimes it is easy to become comfortable with “how things are” but remember, you have choices. You should work with a company that cares about your costs and your property like it is their own. Do not be afraid to ask questions!
Fair & Reasonable Fees
If the fees you pay feel exorbitant then it is time to explore your options. You should work with a property management firm that offers transparent pricing and does not charge any hidden fees. For example, your property management firm should not charge a fee to prepare properties for tenants or upcharge repair work. If there are “non-managed” fees they should always be discussed with you prior to billing.
Experience & Reputation
Reputation matters! The property management company you hire should be have vested in providing superior service and be able to provide referrals upon your request. They should also have a positive online reputation and consistently attend trade shows, educational seminars and conventions to stay current with the latest laws, technology and trends in property management.
Maintaining Your Home
A great property management company should be very understanding of your expenses and have relationships with insured and licensed contractors that provide quality work at a fair price. You should get a Visual Survey Report each Fall and a Maintenance Review Report each Spring detailing the condition of your property. Additionally, your property manager should have a proven system of checks and balances to ensure the accuracy of vendor invoices. Finally, there should be an emergency hotline where tenant calls can be answered 24/7.
In this day and age, communication is critical and should be tailored to fit your needs. The property management company you hire should use a state-of-the-art online software system to manage your important documents and tax information. The system should also allow for direct bank payment to owners, rent payments from tenants, and communication with our owners and tenants through this system.
Your property management firm should use a standard rental application process to screen tenants. The process should be rigorous, fair, and reasonable and utilize several factors to determine eligibility. The agency you work with should be on the lookout for past rental debts and evictions and other red flags.
The VHS Difference
At VHS Management, we are different! We have well-defined processes and aim to make your transition as seamless as possible. We pride ourselves in being the best full service Property Management Company in the area. It is our mission to maintain an unmatched level of quality with each and every property we represent. Because our standards for presenting our properties is superior to the competition, our homes tend to rent quickly and attract quality tenants. We care deeply about the properties we manage as if they were our own. We can work with you to preserve and increase the value of your rental property, while taking the burden and stress of managing off of you!
To learn more about our property management program visit our Property Management Page. If you are interested in a Free Rental Market Analysis simply fill out our online form for a complimentary assessment of your property’s rental value. Give us a call at 540.825.8100 today to learn more about the VHS difference!