It might surprise you to learn that the median home price in Maryland is just over $420,000. While this makes it difficult for some people to buy an investment property, those who can afford homes will see lucrative returns.
Property owners will likely find that being a landlord is inconvenient. It can even be stressful at times.
Working with a property manager can streamline your responsibilities. Let’s explore nine skills you should look for when hiring a property management company in Kensington, Maryland.
1. Level of Experience
Experienced property managers have the knowledge and resources to overcome the issues you’ll face. Put simply, they understand the nuances of the industry that newer property managers don’t. It’s worth noting that inexperienced property
managers won’t always fall short of your goals.
However, they’ll be less likely to meet your expectations. It’s best to find someone with decades of experience. You should also find someone who’s worked with plenty of people like you.
For example, you wouldn’t want to work with someone whose client portfolios are exponentially larger than yours.
2. Communication Skills
The property manager you choose should be easy to communicate with. The last thing you want is to be left in the dark while they handle your project.
A property manager who can communicate well is more likely to inform you of key details. They’re also liable to listen to constructive feedback. Make sure they’re easy to get in touch with.
No matter how good at communicating they are, it won’t mean much if they never respond to your calls or emails. Consider
how interested they are in working with you.
They should be enthusiastic about helping you reach your goals. Otherwise, continue your search elsewhere.
3. Past Reputation
Explore their past reputation before making your decision. See what previous clients have to say about their experiences. Do your best to find someone with plenty of positive feedback.
Encountering the occasional negative review is normal, but keep an eye out for large batches of critical reviews. The recency of reviews also plays a role. To clarify, you wouldn’t want to hire someone who has received mostly negative feedback over the past six months.
4. Organizational Skills
The more organized they are, the better they can handle your properties. Some property managers make the mistake of overextending. This leaves them with little time to handle key responsibilities for each client.
If they’re working with too many property owners, there’s a chance they won’t appropriately handle reports, address complaints, or collect rent. Meet with your prospective property manager to gain insight into this attribute. You can likely tell immediately how organized they are by their workplace conditions.
5. A Solid Tenant Screening Process
Accepting the wrong tenants comes with many potential consequences. Some of the most notable are late/missed rental payments and property damage. In some situations, the wrong tenant can pose a threat to the local community.
Screening tenants is a crucial property manager responsibility that you can’t overlook. They should conduct comprehensive checks for each tenant. This involves looking at credit history, criminal history, and tenant references.
6. Tech Savviness
Using the right software can substantially improve a property manager’s ability to meet your needs. The industry frequently sees new innovations. If they aren’t willing to master the tools available, they’ll get left behind.
Automation is growing and important technology to consider. Not only does this improve efficiency, but it minimizes the chance of human error across all departments of the company.
When assessing your professional, ask them about the software they use. You should also ask how they plan to accommodate changes in technology.
7. Strong Negotiating Skills
A single property manager regularly collaborates with dozens of individuals. These include vendors, contractors, and various third parties.
The better they negotiate with these professionals, the better results you’ll get. A property manager who can’t negotiate good prices or rates will likely charge you more.
However, paying them more money won’t always equate to better results. Ideally, you’ll work with a property manager who helps you maximize your net monthly income. Otherwise, you’ll potentially miss out on thousands of dollars that could have been in your pocket.
8. A Thirst for Knowledge
The property manager you hire should have a strong desire to learn. Some property managers do the bare minimum and never learn new methods or new tools.
A thirst for knowledge will also help them stay educated on industry variables. For example, the property values, rental costs, and demographics in Kensington are always changing. They should analyze this data and use it to predict future conditions.
This allows them to stay ahead of market trends that could impact your property. To clarify, a property manager might learn that local regulations will soon increase property taxes.
Since you’ll have to raise your rent in response, they can market your property appropriately to minimize vacancies. Nuances like these go a
long way toward getting the best results from your property manager.
9. How They Manage Their Current Properties
Ask to see a portfolio of the properties they currently manage. This will provide insight into the results you can expect. If you’re having trouble making your decision, you can visit one of the properties yourself.
You could even ask current tenants how satisfied they are with their property manager. Pay attention to the quality of the home during your visit. If it seems neglected, this is a red flag you can’t ignore.
Find the Right Property Manager
Keep these skills in mind so you can find the ideal property manager for your needs. This will help you avoid issues you may have otherwise encountered. From here, you can take your rental income to the next level.
As someone who’s been involved in the real estate industry for virtually my entire life, I have a unique capability to exceed my client’s expectations. I’ve helped countless clients improve their net worth, whether it was through expanding their portfolio or helping them find their first home. Get in touch today to learn more about what I can do for you.