Understanding the Difference to Make the Best Choice
When searching for the right property management service, you will likely have a list of desirable attributes that the company needs to possess—a list of “must-haves” that make the decision-making process more manageable. Although many property management services have the same end goal in mind, they are not all created equal when it comes to quality and client experience.
National -vs- Local
Depending on your needs as a property owner, you can choose to use a larger national management company or a smaller local choice close to home. While each rental property is different and the needs vary, some things remain consistent, no matter the equation.
- National property management companies are geared toward individuals who own multiple investment properties and are looking for a cost-saving model due to the high occupancy rates. As a result, they are usually tech-heavy with limited personal interaction and flexibility regarding policies and procedures. They are often cheaper upfront but may have hidden fees and additional charges when services are rendered.
- Local property management companies are a smaller, more intimate option where you work closely with individuals who are experts in your market and local rental scene. Prices vary depending on the company’s services; however, the main focus is on your property, tenants and needs as a landlord.
Local Company = Invested and Knowledgeable Staff
The leading national property management company in the United States has 64 offices meeting the needs of 215 markets globally, with more than 754,000 units under management. While they provide property management at a slightly reduced price, what type of experience is being provided when your property is one of 750,00? Also, what does the end bill look like when you are picking options a-la-carte?
A local property management company has an established team of experts with a history of success in your area. They understand the local market, the amount of money your home can earn each month, ways to boost potential earning and tailor a property management plan that fits your needs. They are a team of local professionals invested in your property and have the extensive knowledge to do what is best for you (and your rental).
Guaranteed Work and Services
Rent collection isn’t the only thing a property management company does for the client. A local property management company provides you with all the tools needed to rent and maintain your property. Services such as
- Market your property to reach your ideal tenant.
- Use their networking and broad local audience to find tenants that are the best fit for your home.
- Provide a rigorous screening process to ensure the right person is placed in your home.
- Work with local businesses and contractors to handle any maintenance issues or requests.
- Regularly inspect your property to make sure everything is going well for both the tenant and property owner.
- Help with financial reporting that is tailored to your state and investment portfolio.
- If an eviction occurs, a local property manager will understand the exact steps to take for that state and court filing system.
With quick response times and personalized advice to grow your ROI, partnering with a local property management company means getting a level of service that is unmatched. While a national property management company can provide these services, it is done through a tech-heavy avenue full of reports, portfolios and emails.
Many nationally run property management companies have a one size fits all approach to pricing. As a property owner, you pick from a list of services and prearranged packages deciding on your options. A property management company run by a responsive team of experts in your area allows flexibility in management solutions tailored to your needs. This level of service is more about meeting your needs as a client than checking boxes off a list of premade services.
Do the Research
Whether you decide on a national or local property management company, no amount of expertise can make up for an inept business model or inadequate processes. The best thing you can do is to put in the time, effort and research to find a property management solution that fits your rental needs. Take the time to reach out to the different property management choices and better understand their business model. Ask questions like
- What services do you offer?
- What do you charge for your services?
- What is the experience of your team and each member?
- How do you market a property and screen potential tenants?
Need more information about what questions to ask? Take a look at our blog
Oak City Properties
At Oak City Properties, we’ve streamlined the experience of purchasing and owning investment properties through a trusted and reliable mindset built on decades of measured success. Our real estate and investment professionals are ready to help you manage your most significant assets through a hands-on approach that focuses on consistently generating results.
At Oak City Properties, we provide custom solutions and competitive quotes that tailor our services to what you really need. In addition, our full property management service will work with you each step of the way when renting and maintaining your property. We believe that hiring a property management company should be a transparent process that is built on trust and doing our absolute best to take care of your investment.
Are you interested in learning more about Oak City Properties? Give us a call at (919) 232-9222 or check out our website at Oak City Properties.
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