From apartment communities to vacation condos and multi-family homes, residential property management companies oversee a wide range of listings. The manager runs the leasing, maintenance and financial aspects of the residential property on behalf of the owner – ensuring the steady flow of tenants and income.
Wondering what else you need to know about residential property management companies in Norman? In today’s blog, we’ll be discussing their unique role and how it can contribute to the success of your rental property.
What’s the Role of Residential Property Management?
As mentioned, a property manager handles all the steps of the marketing and leasing processes as well as the day-to-day duties of the property. From guided tours with potential tenants to lease negotiations and maintenance requests, a property manager holds a great deal of responsibility (which is why it’s important to spend ample time and research finding the right one for you).
Unlike commercial properties, the residential sector experiences higher turnover with leases lasting anywhere from six to 12 months. Because of this, a residential property manager’s role is much more involved, directing marketing efforts, guiding tours and leasing spaces on a regular basis.
In addition to these tasks, a residential property manager coordinates maintenance needs and upgrades, tracks administrative and financial information as well as manages the property’s insurance, payroll and taxes.
The best residential property managers have experience in customer service as well. Because they’re responding to tenant requests and problems on a regular basis, communication is a key element to evaluate since they’re stepping into the role as the primary contact.
When interviewing potential property managers, ask how they’ll establish communication with you. Will it be in form of a monthly report? Or, something less formal but frequent like email updates?
Because residential property management companies oversee leasing from start-to-finish, it’s important to walk into the hiring process with a deep knowledge of the role and what to look for. To determine whether a property manager can adequately serve your needs, you’ll need to assess their abilities in three key areas: marketing, leasing and maintenance.
Keeping your property occupied is imperative for sustaining cash flow. Because of this, it’s important to address the property manager’s plans for obtaining and retaining tenants. Here are some prompts to get you started:
· What marketing methods and channels will you use to advertise the property?
· Do you have a marketing plan? If so, what does it consist of?
· What’s your average turnaround time between occupants?
It’s important to sign with a tenant who respects you, the property itself and surrounding neighbors. Screening is crucial for ensuring the property brings in high-quality renters. When you dive into the leasing processes with the potential manager, here are some key questions to ask:
· What’s your process for screening potential tenants?
· What does your lease look like?
· What’s your procedure for collecting rent?
· How often will you report rental income?
· What other reports will you provide? (i.e. lists of vacancies, delinquencies and property expenses)
You have two options when it comes to maintenance (aside from on-site staff you may have at an apartment). Either the residential management company has a staff that will conduct repairs, or they’ll subcontract the work through a repairman.
Either way, make sure those involved are licensed, insured and reasonably priced. To ensure these professionals are able to fulfill the scope of work, here are some questions to ask as you interview a potential residential property management company:
· How do you handle tenant emergencies?
· How often do you inspect units?
· What do your inspections consist of?
· Who carries out the repairs?
Residential property management in Norman is particularly helpful when an owner lives far from the property or simply prefers a “hands-off” approach using an acknowledged agreement. Either way, leveraging a property is a great way to ensure the unit is earning its maximum revenue at the lowest cost.
Remember, hiring a residential property management company takes some due diligence. No one else will have as much direct impact on your property’s success than its manager. For more information on property management and how we can assist your needs, we’d love to chat with you. Reach out to our trusted real estate advisors today at (405) 310-2796!