What do you look for in a Property Management Company?

[Rod Zahavi]

I've worked with several management companies through our projects at Better Coast Capital, and this is a list of the key factors I usually look for when selecting a new one. What do you think are the make or break points when it comes to management?

 A firm that focuses solely on management, rather than one that also buys and sells homes.

An easy to use online portal to check up on your earnings and other information.

A good track record of being fair with tenants. The management company will work for you, but if they treat tenants well you’re less likely to end up in a dispute.

Reasonable cost. You don’t want a budget firm that will cut corners, but you also need to keep in mind that the management expenses eat away at your earnings. Our agreements at Better Coast leverage volume to get great prices and service.

Easy to exit an agreement. Don’t get locked into a contract with a bad management company.

Ask to see records and statistics related to eviction rates. When you have good tenants, the management relationship is good. But, when there’s a dispute or a problematic tenant you want to know the company can handle the problem for you.

Proactive management with plans for tenant retention, regular home inspections and check-ups.

Strong in marketing. The management company will be responsible for finding your tenants. Make sure they take good photos and videos. A virtual tour feature can also boost your property’s value on the market.