WHAT TO LOOK FOR IN PROPERTY MANAGEMENT IN NORTH VIRGINIA

For a landlord, looking for a property manager worthy of looking after your buildings can be a painstaking process. Quality property managers are few and in between but they may be worth every bit of effort. The following is what to look for to find a property manager of high standards.

Experience

Experience is crucial in the real estate market in North Virginia. Cities such as Fairfax and Arlington have very developed markets. The real estate market is always changing, yet there are a few underlying principles that will always be constant. A property management North Virginia firm that has been through it all will know how to navigate the rough waters of the real estate market. Experience also ensures quality connections in the industry. A good property manager should have many reliable connections to contractors, suppliers and regulators in the industry meaning that they will always keep the property in good shape and up to code.

How tenants are handled

Tenants are the most vital part of the real estate business. They are the ones who make you money. Customer loyalty not only exists among retail shoppers but it also in apartment dwellers. A tenant who has been treated properly will not likely move to another place unless it is necessary. A quality property manager will respond to tenants complaints as swiftly as possible and ensure the tenant is satisfied with the service provided. A good relationship between tenants and property managers means rent is rarely late hence an owner gets excellent returns. Volatile tenants mean spiky returns, a situation which no owner wants.

Performance

Property managers are compensated based on a fee structure. On average, the fees will be 7-10% of the rents tenants pay. However, the fee should be based as much on performance as possible. It is not a surprise that many property managers will seek to pocket as much as they can. That is not a problem. The problem comes about when property managers want to earn hefty fees while the owner’s returns are low. Both should be compensated as well as their buildings are doing. One should look for a property management firm whose fee structure is conservative, a sign that they are willing to work for the owner.

Transparency

Hiring a property manager brings about an agency problem common to corporate America. Accountability is a huge part of ensuring the owner that things are going accordingly. The property manager should preferably send the owner monthly reports and quarterly reports with an annual report prepared each financial year. A property manager who is accountable of his accord will be honest with the owner all the way. Such a relationship ensures that the owner trusts in the manager’s practices and rests assured his building is in good hands.’c1

Tenant Screening

Good property management North Virginia involves housing tenants with whom the property managers can have a good relationship with for a long time. Having good tenants means checking their background information first. A quality property manager will have multiple avenues to conduct background checks to minimize the risk that people with criminal records or malicious intentions will be housed in the owner’s building. Credit checking every prospective tenant should be done to ensure rent will be paid in time, and if the tenant is short, they can come up with the funds quickly.

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