Are you looking for local property management to help you support your real estate portfolio? Then you’ve come to the right place. Our Worcester property management team can assist you.
If you’re investing in real estate and want to be successful early on, you must hire property managers to take care of your properties. Successful investors are often too busy to be mowing lawns, performing routine maintenance, and screening tenants. Partnering with a trustworthy and competent property management company is crucial to scaling your business.
What Does a Property Manager Do?
A property management company will do all the tasks required to make your investment a profitable, cash-flowing enterprise. These responsibilities might include the following:
- finding and screening potential tenants;
- keeping the property in good repair;
- landscaping and snow plowing;
- preparing accounting and tax documents;
- day-to-day tenant communication.
You can outsource any landlord’s responsibility to a real estate property management company. That gives you more time to invest and run your business.
It’s tempting to think that you, as the investor, can save money by doing this on your own, but do not make this very common mistake. An investor’s time is too valuable to do what a property manager does. In addition, a professional, full-service real estate company will be able to do it much better and more efficiently due to its business’s scale.
How Can I Find Commercial Property Management Near Me?
Running an efficient full-service real estate business requires professional relationships with dozens of contractors. Your properties will require the work of plumbers, roofers, flooring installers, and various other vendors. A property manager who has been managing scores of properties for many years will have developed these relationships with property brokers. As a result, they’ll be able to negotiate favorable terms on your behalf. For this reason alone, good property managers can pay for themselves. Simply put, investors invest, and managers manage.
So how do you find a good manager for your property? It’s an important decision. After all, they will be running the day-to-day operations on your property. Our Worcester property managers put together this guide to give you a process to follow during your search. Keep reading to learn our top 5 local property management tips.
1) Get Referrals
One of the best ways to begin your search is to ask colleagues for referrals. This proven method will often yield a great starting point. When people have a good experience, they naturally want to share it with others. That’s why the referral method works so well.
Like any other business, real estate investment can sometimes be cutthroat. However, many getting into the business are pleasantly surprised to find out how helpful landlords can be to each other when running their properties. Having run-down and poorly managed properties in a community hurts all landlords, so you will find that experienced landlords tend to help each other out.
If you are newer to the business, it is important to build these relationships, and often they will be a great source of referrals for property managers.
2) Read Their Website and Reviews
You can always rely on Google to find property managers and vet your referrals. Good managers will have a nice website for property brokers, owners, and tenants. Above all, having a good online presence is crucial. It will show that they run an efficient business and can communicate easily with their clients and tenants.
A simple Google search will hopefully yield several good candidates and give you a good idea of their professionalism and competence.
3) Visit Their Properties
After you have several candidates, visiting their properties is a good idea. Even a drive-by is usually good enough. Their website will list what properties they manage or the vacant properties. You can also find out whether the company can build expansions and renovations for its properties.
Do a quick drive-by and notice what you see. Does the house look like it is in a good state of repair? Does it look like quality tenants live or have been living there? You can judge a lot just by looking at the properties from the outside. If you would not want your property to look like theirs, moving on to the next candidate is probably best.
4) Conduct an Interview
After you have several candidates, you can interview them similarly to how you would interview a potential employee. You should find out how they run their businesses, how much experience they have, and whether or not they seem trustworthy. Worcester commercial property managers should be able to identify which businesses they’ve worked with.
Remember, they will deal with your tenants so that they will be the face of your business in many respects. If they seem like they might be too aggressive towards tenants, that’s a red flag that could end up costing you money. Having the tact to deal with and communicate with property owners and tenants is one of the most important skills for a manager, so do not underestimate its importance.
5) Walk Through Their Procedures
After you feel for and are comfortable with their intangible qualities, have them review their standard operating procedures. What you’re looking for, above all, is efficiency. You will make money with your property manager because they should be more efficient than you could be. They will have dozens of properties to manage, so they should have systems for everything.
Ask them to go over how they screen for tenants, how they advertise, and perform routine and needed maintenance and repairs. Also, review what paperwork they provide and how they communicate with owners and tenants alike. Above all, efficiency is the key to a successful property management company.
How Real Estate Property Management Companies Find Clients
1) Offer competitive pricing
Offering competitive pricing is one of the most effective ways to attract new clients. Property management companies can demonstrate their value by providing fair and transparent pricing and establishing a strong reputation in the market.
2) Create a strong online presence
In today’s digital age, having a strong online presence is essential for attracting new clients. Property management companies should have a professional website that showcases their services, testimonials, and portfolio. They should also use social media platforms like Facebook, Twitter, and LinkedIn to connect with potential clients and promote their services.
3) Build relationships with real estate agents
Real estate agents are often many property owners’ first point of contact. Building strong relationships with local real estate agents can help property management companies tap into a new client base and generate referrals.
4) Focus on customer service
Providing excellent customer service is crucial for attracting new clients. Property management companies should strive to consistently deliver high-quality service to existing clients and prioritize responding promptly to any questions or concerns. This positive reputation can be a powerful marketing tool for attracting new clients.
5) Offer unique services
Offering unique or specialized services can effectively stand out and attract new clients. For example, some property management companies may specialize in managing luxury properties or green buildings, while others may offer property renovation services. By focusing on a specific niche, property management companies can establish themselves as experts in the field and differentiate themselves from the competition.
6) Participate in local events
Participating in local events and networking opportunities is an excellent way to connect with potential clients and showcase the services a property management company offers. These events can include trade shows, community events, and local business networking groups.
7) Utilize word of mouth
Word of mouth is a powerful marketing tool that can be especially effective in property management. Encouraging satisfied clients to share their positive experiences with others can help to attract new clients and generate referrals.
Save Time & Money With Local Property Management
These tips will give you a solid idea of whether or not you want to partner with them. Most communities will have several superb options to review.
Still, suppose you are considering investing in residential properties in a new area, such as out of state. In that case, it may be a good idea to check first. Ensure that there are at least two good property managers in the area before you invest. You don’t want to own property hundreds of miles away without a good option for management.
These tips will help you find the right property manager to continue running a successful real estate investment business. If you’re considering major additions to your property, read our guide on commercial construction management here.
About NAI Glickman Kovago & Jacobs
As the leading commercial realtors in central MA, NAI Glickman Kovago & Jacobs is your home for Worcester property managers. We have an award-winning restaurant, retail, office, industrial, multifamily, and medical real estate management record.
We can also assist with land acquisition and development as a commercial brokerage. Our deep local knowledge comes from decades of business partnerships with commercial contractors and key community vendors. Whether buying, selling, or leasing, we can find the right property to fit your needs.
Contact us today if you need help finding brokerage, commercial construction management, or real estate property management in Worcester, MA. You can also follow us on Facebook, Instagram, and LinkedIn for more updates about our property broker services in Worcester, MA.