When landlords decide it’s time to work with a property management company, there is a lot more involved than just relationship building. Below are a few highlights related to how a management company can be appointed.
Groundwork
To be chosen to manage rental units, you first need to make sure you’ve laid the groundwork as a successful company. It is imperative that you are properly licensed, create an LLC or S Corp, and follow a business plan if created. Having a framework will allow your clients to feel confident in your skills and capabilities.
Setting up a company and displaying a healthy rental portfolio will show potential landlords that you know what you’re doing. To be successful and appointed, you need to have the foundation in place.
Building Relationships
In any client facing role, building relationships is the key to growth. Valuing employee relationships can build a solid business, but so can relationships with property owners in your community. Set expectations and keep the lines of communication open for new prospects and current owners.
Feel confident providing your own proactive feedback to owners and identify opportunities for additional revenue streams. Property owners are looking for firms to explain exactly what can be provided for them.
A Healthy Portfolio
Property owners are looking for management companies with healthy pipelines and positive reviews. It is important to model high levels of customer service and management skills. If there is high tenant turnover or flags with occupancy or vacancy rates, this can impact your reputation as a company and deter new prospects. Keep up with shifts and remain accommodating.
Your Next Move
When it comes time to being chosen, be prepared for questions. Most owners want to know how the property will be managed, the fees involved, and how to cancel if needed. Whether the management company has failed to deliver on promises, or you simply want to manage the home yourself, you should let the company know your reason for leaving.
You want a company that is not only knowledgeable about their own processes and systems, but also about the changing real estate market and local laws that affect your property.
