Considering a new property manager for your investment properties in 2024?
What are the most important factors to look for when choosing a property management company in Northeast Ohio?
1. Alignment With Preserving Your Asset & Elevating Your Income
It sounds obvious, but as with every other industry today, finding a service provider that is actually invested in, and motivated to help you succeed, rather than just taking from you seems rarer than ever.
It is something easy to say. Which is why it is important to ensure you agreements, relationship structure, and their financial incentives push them to work in your best interests.
In this scenario, that means ensuring good tenants are put in that will not only pay rent, but take care of your property. Then backing that up with inspections, and solid maintenance.
Check out 5 Points Property Management’s 5 Guarantees, which ensure we are delivering on what’s most important to you.
Then request a Free Rent Analysis to make sure you aren’t missing out on the rents you should be achieving.
2. They Can Collect The Rent
Sadly, some property management companies make most of their money from application fees and evictions, not collecting the rent for their customers.
Look for a good track record, positive reviews and testimonials, and clauses in your property management agreement that align their income with them actually collecting and banking the rent for you.
3. They Are Local
Acquiring out of area investment properties can be very profitable. It’s often a must in order to achieve competitive returns, and to minimize risk. At the same time, technology has made it possible for property management companies to be operated remotely. Some have been doing it for nearly two decades.
However, a property management company that has a local presence, and local staff is a great advantage. They are wired into the local environment and community. They are there to collect rent, see properties in person, and can manage at a much higher level.
4. They Understand Local Rental Programs
Traditional cash paying tenants are still a part of the economy. Yet, many recent changes and current trends and policy are shifting millions of homeowners and renters to need not only affordable housing like Cleveland offers, but subsidized housing as well.
The more variety of options your property management company has expertise with, the more likely they are to be able to obtain the maximum monthly rents and occupancy rates for you. As well as predictability and reliability of your income. This should go beyond programs like Section 8 and HUD vouchers to local programs like Eden.
5. Experience
Anyone can throw up a glossy website and photoshopped or AI created social media page in a few minutes today. Thousands of people would love to cash in on the need for property management services. Many have tried.
Again, even the best intentions only go so far. This is an extremely complex field, with countless quirks and legal minefields. It takes years of hands on doing to encounter these things, and learn how to preempt and ace them.
5 Points Property Management was created to fill this void in the Northeast Ohio area. By investors with 23 plus years of experience, to help other investors get the results they are investing for.
Not sure if your properties are delivering their best performance? Get your FREE RENTAL ANALYSIS HERE and find out today.