Trusting a property management company involves giving them direct access to prospects, tenants, and the inner workings of your rental process. Working with a professional, reputable, and trustful property management company can be hugely beneficial and help you alleviate stresses and make your day-to-day rental operations more efficient. Siding with a lesser-known or secretive company is where the problems begin, primarily with tenant relations and financial security. Here are four key reasons why you need a trustful property management company.
Communication and Transparency
The most important aspect of any business partnership, even between a landlord and property management company, is consistent and open communication. If something goes wrong or your input is required to solve a problem, it's important that the company takes the time to involve you in the process to help rectify a situation – after all, it's your property that's being rented out! A trustful property management company will be transparent, honest, and open to input from you, and they will also reach out for your say on matters if the need arises. In other words, you are ensured a right to maintain control over your property, rather than giving the company free reign to do whatever they want with it.
Liability and Fees
It's important to check with a property management company about whether they have liability insurance. That way, if something goes wrong and they are responsible for it, you can expect full compensation without being strung along for months to receive only a portion of what you are rightly entitled to. Additionally, a trustful property management company will make sure you understand their fee structure, including what is and isn't covered. It's also important to examine their cancellation clause to verify whether or not it is fair or acceptable for your specific circumstances.
The Tenant Screening Process
Property management companies are responsible for filtering out undesirable tenants according to background information as well as your preferences. However, what if you side with a company that doesn't respect your preferences and allows a few less-than-ideal tenants to move in? Trustworthy property management companies perform criminal background checks, conduct credit checks, and call references and consult with them in detail.
Another important aspect of working with a property management company is ensuring that your rental units and property are advertised as intended – after all, you don't want to attract the wrong demographic of potential tenants. A trustworthy property management company will market according to specific details such as target tenants (seniors, young students, etc.) as well as specific conditions such as following a no-pet or no-children rule. The goal is to fill units, generate income, and ensure a happy, healthy relationship with long-term tenants, and trustworthy companies are those who will respect this vision.
Choosing a property management company, but don't know who to turn to? Rent in Ottawa Property Management has been helping landlords establish lasting relationships with their ideal tenants for many years. We implement a meticulous screening strategy that ensures everyone's safety and satisfaction, and we make it a point to provide all of the details and correspondence you need and deserve. Contact us today or visit our property management services page to learn about all of the ways we keep you informed, protected, and properly marketed to the Ottawa area.