However, we do have to find a good property management company. So, here are my seven signs of a good property management company.

1. Willing to negotiate. If you’re getting the slick marketing package and the blanket 10% management fee, you need to have a conversation about lowering that rate. Don’t let them tell it’s non-negotiable. Everything is negotiable. If they won’t budge, move on.
2. Marketing included. If a property manager doesn’t do this, I’d say walk the other way. They are there to keep rents coming in, the building(s) in shape and the tenants happy. Part of that rents coming in is keeping the space rented. Also, don’t let them charge you an occupancy fee. It’s your property.
3. Good communication. You’ll know whether a property manager is good from the first phone call or email response. A good property manager will give you information in a timely manner through multiple channels. I wouldn’t work with someone who doesn’t really do email. Next, please.
4. Reasonable, reliable maintenance. Maintenance can be a money pit. While you want your tenants happy and your properties to look nice, you’re in this to maximize cash flow. Your property manager should have an affordable crew or contractor to handle maintenance. You should also have an agreed upon (in the contract) amount of discretion for repairs. Over $150 is a good number to follow.
5. Experience with your niche property. You will most likely specialize in one or two types of properties. It’s a good idea to find a property management company with experience managing your specific properties. For instance, I’d steer clear of a property manager that has only handled single family homes when you’re looking for someone to manage an apartment complex.
6. Monthly statements. You don’t want to wait three months to find out your monthly cash flow took a big dip. Ask this question up front and move on if they won’t comply.
7. A range of services. The reason to pay for a property management company is so you don’t have to collect rent, chase tenants and change air filters. Your property management company should cater to you and offer you a wide range of services at a fair cost. If you don’t get that vibe, move on.

By Susan Lassiter-Lyons