As a property management company in Lawrenceville Georgia, I'm convinced that home owners are served best if a company can meet the expectations of the owner. While an owner may have high expectations, it really is the property management company's responsibility to explain what they can and cannot provide. Below is a list of what I looked for when I was searching for a rental management company and what I found to find the best companies.
Management companies typically specialize in a specific area. Marketing is not cheap and by focusing in a small geographic area dollars can be utilized to the max. Trends change, school districts change, neighborhoods change, crime patterns change, and a management company must stay on top of the changing markets. Understanding rent cycles and new business openings are just a few reasons why choosing a management company who specializes in small geographic areas will keep your cost down and days on the market less.
Look for a company who has managed for more than 5 years. Why? This has given them enough time to go through market and rent cycles. Market cycles typically weed out less effective manages. Most businesses fail within 5 years. This way, you are assured they are not learning on your dime.
I personally prefer companies who manage between 35 and 200 properties. The smaller companies have time to devote to your property and are hungry for new business. I use to think they must not be to successful if they have been around for 5 years and only manage under 50 properties. Most of time, that's just not the case. The larger companies typically have excellent systems and resources. Once you get over that, a home owner can to far removed from the actual decision maker. I personally like dealing with smaller companies.
I also believe owners are better served by someone who owns and manages their own properties. They feel the pain when a HVAC technician is sent out to fix a problem. Especially when it was causes by a dirty filter. Who else better understands than other property owner.
Last, but not least, a specific business strategy. Does the management company specialize in apartments, homes, condos, lease purchase, rent to own, listings, buyers, high end, low end, or middle of the road price ranges? Can they tell you their strategy without you looking for an exit? Does their strategy solve your real estate needs? If not, the company will not meet your expectation you will ultimately be disappointed.
If you have a home for rent or sale, consider hiring a property management company. Figure out what you are attempting to accomplish long term and short term, and find a rental management company that has a strategy to help you accomplish your goal.