Some landlords have consistently attracted the best long-term tenants to their properties. Is there a secret to their success, and is it something other real estate investors can try?
If you delve into the reasons for a smooth-sailing real estate investment, you'll find one common link: an exceptional property management company.
Read on to learn three tips for finding the best rental property management company in Des Moines.
1. Focus on Companies With Local Knowledge
It's crucial to narrow your research to companies local to Des Moines. Local experience is a considerable advantage to landlords who want to maximize their rental investment.
For a start, a local company will have more in-depth knowledge of market trends in Des Moines. They will understand details like rental price trends that might be unique to the area.
For example, they may know about demographic shifts that have increased rental prices in specific neighborhoods.
That's valuable to real estate investors as it means you won't lose out on getting the highest rate for your property if trends move in your favor.
Local companies will also know about neighborhoods. They'll know what's popular and what neighborhoods are up and coming. If they are marketing your rental properties in Des Moines, that will help you.
They can use this knowledge to entice more prospective tenants to view your rental.
2. Check the Rental Property Management Services on Offer
Not all rental property management companies offer the same set of services. You need to find a good fit for your needs. Focus on what adds the most value to your real estate business.
That might be a company that can oversee the repair and maintenance of your properties. Or you may need something more comprehensive, which includes admin support such as rent collection.
You should also consider choosing a company that can help navigate some of property management's more complex legal side. It's advantageous if you don't have a background in tenant law.
A property management team can oversee tricky areas like tenant screening, writing lease agreements, and handling an eviction process.
3. Check the Small Details Before Hiring
When you have a shortlist of property management companies, take time to conduct due diligence. The seemingly minor details could significantly impact your overall experience of that company.
Start with references.
Speak to past clients to better understand the property management company. It will give you a background on how effectively property managers communicate with landlords. Online reviews are another helpful source.
Once you have done that, check the small print on the fee structure.
All property management companies have slightly different approaches to fee models, so you must examine the details to compare like for like. Some have all-inclusive fees, while some charge for extras, like repair work.
Others may charge a percentage of the rental. Check the details to ensure there are no hidden costs.
Rental Property Management: Finding the Perfect Match
When searching for rental property management services, it's helpful to remember that not all companies are the same. Finding a good fit, however, can make a big difference to your experience (and success) in real estate.
Learn more about our property management services at PMI Central Iowa and discover why we are the perfect match for your Des Moines property.