Picking the right property management company has quickly become one of the most important decisions property owners can make in today’s competitive market. The right property management team will maximize your investment with a finger on the pulse of current trends and an eye out for future opportunities. The wrong team can ruin investment growth. Here’s a breakdown of the key traits property owners should look for when picking a manager for their investments.

Area Expertise
You need a company that lives and breaths with the market in your specific area. They should know all the relevant local laws, growth tips that aren’t common knowledge, and the types of localized strategies that only professionals familiar with a specific locale know. This rings true especially in areas with stringent landlord/tenant laws, such as San Francisco with its complex regulations surrounding rent control properties.

History of success
The right company will have a deep portfolio. They should readily provide detailed analysis of past success and current property development. Experience is the key to expertise in the property management world.

Trustworthy
Trust is a major factor when relying on a company to help manage your most important investment. It’s a strong positive signal when a property management firm grows through referrals, but you should also look for a clear, well developed website with contact information and positive company values.

The Right Services
The services offered should cover everything you need and more. Good property management companies should provide full accounting, maintenance, and tenant services. These will become the main benefits of your choice in the short-term, so review them carefully. If you’re not blown away by the possibilities, look somewhere else. If you want the company to take care of property inspections, it better offered! If selling the property and eviction processing are two key aspects in your long-term goals, make sure that these services are featured within the company’s service offerings.

Forward Thinking
A good property management team will have the services and strategies you need today, but still remain sharply focused on the future. Proactive management will help reduce vacancy rates, increase rental income, and allow for proper budgeting for those rainy day repairs and/or capital improvements. The growth of property investments depends on a forward thinking management strategy, so if that’s not one of the more important parts of the pitch, you know you haven’t found the right company.