Monday, 17 September 2012

Five Characteristics of Effective Property Management

Five Characteristics of Effective Property Management

By Ryan Coisson

Your property represents a huge investment: you need it to be managed properly to ensure a consistent return on that investment at all times. There are probably plenty of property management businesses out there for you to choose from: how do you know which one will do the job best? Here are five basic characteristics to look for.

1. Aggressive and Effective Marketing: As you know, most good tenants will most likely not come knocking on your door begging to rent your property - especially in these tough economic times. Effective property management begins with bringing in quality tenants and keeping your units as full as possible.

2. Excellent Upkeep: To retain good tenants, outstanding property maintenance is a must. Does the company contract with reliable landscapers, snow removal specialists, handymen, and so forth? Does the company have a timeliness policy regarding small and major repairs? The best-kept properties are the ones that will attract the most tenants.

3. Monthly Statements: You want to know on a regular basis what's happening with your properties, and a good management business will keep you up to date at all times with itemized reports and financial statements.

4. Free Basics: Some businesses will quote you an extremely low price for their services only to hit you on the back end with "fees" for specific tasks that should come as part of the deal. Some of the basics that should be "free" with no surprises include: monthly statements, direct deposits, lease renewals and online marketing.

5. Outstanding Customer Service: Your management professionals should be just that - professionals! They should be easy to contact with questions or concerns and return your phone calls quickly and courteously: after all, they work for you!

Choosing the right property management team is one of the most important decisions you'll ever make regarding your real estate investment: take the time to contrast and compare candidates' offerings and you'll enjoy greater peace of mind knowing you chose wisely.

Advent Enterprises ( http://www.adventmgmt.com/ ) provides quality property management services throughout San Diego county.

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