April 10, 2019

What Should You Look For in a Property Manager?

Are you interviewing management companies and property managers? Here are some things to consider.

Hiring a property manager to care for your property is a big decision. You'll want to know that your asset is taken care of and that the company you choose to work with is professional. Most people know to search for a well-known, reputable company, but what are some other things you should consider when looking for a property manager?

  • The level of involvement you want to have with the management process.
  • Whether your repairs and maintenance philosophy aligns.
  • Experience
  • Cost
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Level of Involvement

Some property owners want to be involved in every decision that is made about their property while others prefer to leave the decision making to the professionals. Finding a property manager that has a management style that aligns with the level of involvement you want to have is key to ensuring your satisfaction.

Things to consider:

  • How often do you want updates on your property? Monthly, quarterly?

Repairs & Maintenance

What repairs do you find critical? Does the property manager you are interviewing place the same importance on those repairs? Do you want to be involved in the repairs process, or would you prefer it if the management company uses their professional judgment and sends you a statement at the end of the month?

Some owners need a high level of involvement to know their investment is secure and some prefer not to have the constant interruptions. Try to determine what you are comfortable with before looking for a property manager so you can narrow your search to West Bloomfield companies that will be a good fit.

Things to Consider:

Experience

How long has the Detroit Metro property management company you are considering been in the industry? While this isn't a direct measure of their effectiveness, a company with history can give you peace of mind that a newly started company can not. Look for reviews online and do your research to get an idea of what previous owners have said about the company.

Things to consider:

  • Remember not all reviews are authentic or the norm, so don't just read one or two, get the bigger picture.
  • Always ask for references from multiple other owners to ensure you are entrusting your property to a legitimate operation.

Cost

When shopping around, get a feel for the average price of management services in your area. A company that is under-bidding the work by a significant amount is probably not going to provide quality services. If a company is charging well above the average, determine if the services they provide are as well, or if they are merely overcharging for their services.

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Things to consider:

  • What fees will you pay in addition to the monthly management fee?
  • Are there add-on services you can use to customize your experience?

If you need property management in Royal Oak, JMZ Management would like to meet with you. We provide full-service property management services as well as other package services to help you market and lease your investment property.

Do you know what to look for when hiring a property manager? Download our free guide to finding the best Michigan property manager for help.

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Topics: hiring a property manager, michigan property manager, rental property management, residential property management