Don’t Underestimate the Importance of Your Property Management Company
Property management is often considered a mundane business for property owners. After all, you'll have to deal with day-to-day chores, emergency calls, and more. You can hire a property management company to take care of all of that for you. But how do you choose the right company that provides excellent service and caters to all your tenant’s needs?
In Episode 149 of Creek Side Chats, Dana Dunford from Hemlane and Dr. Allen Lomax, an established real estate investor, discuss property management and finding the right solution.
Below is a summary of the Creek Side chat about why property management is essential and some smart ways to automate the redundant and time-consuming processes involved in real estate.
What is Property Management?
Tenants and landlords all benefit from the services provided by property management businesses.
Such organizations play an important part in the process of collecting rent, filling vacancies, and maintaining safe living environments for tenants by managing the day-to-day operations of rental properties. Meeting these responsibilities, however, is no easy task.
Property managers are in charge of answering late-night calls, assigning plumbers when the toilet overflows, and resolving tenant conflicts.
It also includes duties like utility and mortgage payments, accounting services, leasing, advertising, finding and placing tenants, and taking care of security deposits.
This is where property management services truly stand out so that property owners and investors can get away with the rental property hassles.
Things to Consider when Choosing a Property Management Company
There are multiple factors to consider when looking for a property management company.
Seek Local Expertise
First of all, you will want a property management company that has knowledge and experience in the local real estate market.
Look for Specialized Companies
Make sure to check if they are experienced in the types of investments you own. Trustworthiness, tenant screening process, billing transparency, availability, communication, and their technological stack. We also recommend you look for a property management company with long-term benefits.
Ask for Credentials
You should inquire as to how a property management company treats its clients. Ask for references from the company and that doesn't satisfy you, you can always search online for the company's reviews.
Trust Hemlane to Serve as Your Property Management Expert
Hemlane is a small business-focused, cloud-based property management service. It’s a property management platform that helps you manage your real estate investments from anywhere in the world.
Property marketing, application screening, lease tracking, rent collecting, and maintenance coordination are some of the solution's core features.
Hemlane's features include the ability to advertise listings on more than 30 websites, manage leads, impose automatic late fines, save documents, coordinate maintenance, and interact with tenants. It also makes it easier for tenants to apply for rental units online and set up automated monthly payments.
Hemlane uses a system of alerts and messages to help users keep track of their leases and their renewal dates — essentially everything you need from a good property management company! You can listen to Dana Dunford's inspiring story and learn more about property management on Creek Side Chats.