DIY property owners certainly have a lot on their minds right now when it comes to their rental investment.
- How will you keep up with rent collection during social distancing and stay-at-home orders?
- Can you safely provide maintenance for your residents when many repair pros are opting to stay home?
- If you have to visit a rental property, do you have the PPE to do so safely to protect your renters?
These are all valid concerns and represent a significant amount of the stress you face concerning your rentals as a solo investor during this time.
However, there's one question that should be at the top of the list: "How will I find the right Chesapeake property management partner?" You may be wondering why we think this question deserves such an important placement—but the answer is simple. The right Chesapeake property management company can tackle all of the above—and more.
When you find the right property manager, the burdens of trying to manage a portfolio and look after your family during a crisis are lifted. Your renters also receive high-quality, professional care that helps your rentals rise above the competition. Choosing a quality Chesapeake property management company if you live in Coastal Virginia isn't as easy as it seems—but there are some traits that separate the wheat from the chaff.
Here's what to look for when you're seeking the best Chesapeake property management partner to help care for your rentals, your residents, and your peace of mind as a property owner.
Good Owner Referrals
There’s no better way to see if you’re working with a reputable property manager than if you go straight to the source of their work.
Check with current and prior owners and read testimonials or Google reviews.
You’ll get a good idea if they are the right company to work with based on what others have to say.
Since they will have had close contact with the property management companies over a period of time, they will know how they operate.
They say word of mouth advertising is often the most reliable—but you don't have to ask for insight into a property management company in person to learn more about them. Starting with the internet is often the simplest way to research a prospective property partner.
Strong Record of Success
A Chesapeake property management company that's just finding its footing can offer plenty of promises—but you need to see proof. Optimistic goals can often fall short of what reality brings to the table—especially for smaller property management companies struggling through the pandemic.
How do you know if a property manager can genuinely reduce vacancy, encourage renewals, and meet the needs of your renters? You need to see a strong record of success. The same goes for your Realtor: if they have considerable experience in helping you find investment properties, then you feel comfortable with your decision. Accomplishments don’t lie.
Trust is a vital characteristic of any business partner. It’s especially crucial for your property management hire, given that you are placing your financial freedom in their care. You need a property manager you can rely on that won’t let you down; a manager who is upfront about all the services they’ll provide; someone who is honest about all the fees. Some of the areas you may want to ask about are:
Are there any hidden fees or hidden expenses?
Do they offer Certified Tenant Match & Warranty™?
Is there any restriction on contracts?
What is their approach to maintenance?
If the property manager doesn't want to answer you clearly, then you may need to go with a different company. You need someone who doesn't hide what they actually cost when budgeting now is crucial for many property owners.
Experts in the Industry
Having expertise is a critical part of doing a superb job in any industry, and such skill can only come with experience. If you work with a Chesapeake property management company that
has fine-tuned their skills in the field, then you will be on the path to having a partner who will get you ahead in the business.
Signs of the experience you need in a property manager is if they make use of innovative tools, proactive marketing techniques, technology to make your rental properties what every renter is looking for in a home.
They Know the Area Well
When your property management company is familiar with the Chesapeake area, you gain access to local insight that can help you not only find success with your current rental properties, but your future property picks as well.
This kind of guidance might just be what you needed to avoid an investing lemon, which will save you headaches in the future when it comes time to find a new resident. It also helps when your property manager knows the area well because they will have the inside scoop on to advertise your property.
They Move Things off the Market Fast
When it comes to getting your rental occupied, you don’t want to fool around. You know that the phrase "time is money" has never been more true than with a vacant rental.
You need a Chesapeake property management company with an aggressive plan to place the right renters in your properties as soon as possible.
They need to have a proactive advertising strategy that involves a formula for success.
If you work with a company that uses high-tech advertising tools and techniques, then you’ve got a winner.
They need to be taking advantage of all available websites and listing avenues for your properties.
Flexible Work Style
A management company that offers a good deal of flexibility will be a benefit in every way. Since people differ, chances are you may require a certain approach to your rentals that will require some changes from the other side. Some people can adapt—while others are stuck in their ways. Finding a Chesapeake property management company that will work to meet your needs is vital.
If you’re ready to find the right property manager who can help you safeguard your investment portfolio, it's time to get connected with Renters Warehouse Hampton Roads! If you're worried about the future of your properties, let us help you find peace of mind with our hands-on approach to management. Get in touch with us to learn more about how we're approaching property management during COVID-19 to better serve you.