Hi, this is Tanya with Envy Property Management. At Envy, we believe we’re the best property management company in Northern Utah. But, if you do an internet search for Northern Utah Property Management you’ll find a whole array of options. If you’re an investor who currently owns property in Davis or Weber Counties or you are thinking about buying a new investment property, you’ll need to know where to turn when looking for reliable property management advice and resources. This can be overwhelming, that’s why in today’s video I want to help you understand 5 things you should be looking for when picking a property management company that is right for you.
#1: What Does the Internet Say?
When you begin searching for property management services online, you’ll run into an abundance of property management companies. But you need to dig a little deeper than just a simple google search. Take a look at their website, is it professional? Is it easy to follow? Are their vacancies easy to find? Are they transparent with their fees and services? Is the company credible? These types of things are important and they matter when making this decision.
It’s also important to do a quick google search of the property management companies name and see what type of online reviews they have. Make sure you are doing your part and read through both the good and bad reviews. If there are bad reviews, read through them. Why did they get a bad review? Is it an angry tenant who had to be evicted? Does the company respond to their reviews? Not all bad reviews are a direct reflection of the business, more importantly, is the responsiveness of the business and how they handle a bad review.
#2: Professionalism and Expertise Counts
You may find some well-meaning but very small mom-and-pop businesses that aren’t utilizing state-of-the-art technology to streamline the process both for the property owners as well as tenants. The effort is there, but, the sophistication level is lower than it should be, and their follow-through is rarely where it needs to be.
So, you end up having a property management firm that tends to be very reactive rather than proactive. It’s not that their intentions are bad, it’s more like they don’t have the capacity to meet your needs. Some of the smaller management firms are running around putting out fires and trying to play catch up. They can’t be strategic and they can’t deliver the professional services you need.
You need a Northern Utah property management company that is proactively managing your investment. Look for a state-of-the-art property management company that’s modern and on the cutting edge of everything that’s happening in property management and real estate investments. You need a company that’s willing to invest in technology and is proactively taking care of the things you need for your real estate investment.
#3: Northern Utah Property Management Should be Win-Win-Win
There are a lot of property management companies in Northern Utah and there are also a lot of real estate agents who manage properties on a part-time basis. While there are a few companies that deliver outstanding services, there are also many property managers in this area that give the entire industry a bad reputation because they’re not doing it correctly and they’re not doing it well.
The phrase we like to use at Envy Property Management is win-win-win. It should be a win for all parties involved, the owners, the tenants, and the property management company. Property owners win when they receive excellent communication from property managers. Whether it’s texting, emailing, calling or delivering information via online portals, your property manager should be communicating with you regularly and consistently. The communication should be clear, accurate and transparent.
Tenants win as well when you offer this same streamlined method of communication. Also offering tenants the most advanced property management technology, giving them the opportunity to pay their rent and submit maintenance requests on their tenant portals. Giving tenants quick updates and continuous communication is something an outstanding property management company will always strive to provide.
When property management companies offer these services for both their owners and tenants, they will always win as a business as well. Being a proactive versus reactive property management company presents all parties involved a huge win.
#4: Discuss Your Needs and Your Expectations
Before you ever sign a management agreement, you need to fully communicate your needs and expectations. We are always surprised at how many owners and investors just sign on the dotted line without reading the management agreement and really understanding what it entails. Make sure you and your property management company are both on the same page. It’s also important that you don’t feel locked into an agreement that may not serve you in the future. Be wary of termination fees and long-term contracts. At Envy, we have a zero-term and zero-cancellation fee policy, and this makes us a bit unique in the industry. We want to earn your business and keep your business. It doesn’t help either of us win if we’re locking you into a contract and charging an enormous cancellation fee. We want you to be happy with us, that’s very important, and so we make sure that our contract is clear and makes sense.
#5: Ask for Property Management Referrals
Call people you know and trust who have used property management companies, and ask them for referrals. Ask them about their experience and ask how the property manager helped or made a difference in the management of their investment. Find out what really made the experience special and what stands out about a particular company. You want to make sure your investment goals are in place and your needs are being met. You need a property management partner who is on your side and understands your goals.
#6: Value is More Important than Cost
Something you really need to understand with property management is you get what you pay for. In this industry, you will never hear us say that you should use the cheapest property management company. At Envy, our fees are transparent and competitive. We provide tenant portals and documents and we make sure your property is being well-maintained and earning you consistent rental income. Don’t ever compare costs when it comes to property management, compare value. Yo want to look for a management company with streamlined systems and processes in place. You don’t want to have to manage your property manager. If you own real estate assets, you don’t want to be bogged down with day-to-day decisions and headaches. You simply want to be able to log into your owner’s portal and see what’s going on with your property.
Oftentimes, we hear investors say they hired a certain company because they answered their phone first. That’s not a good reason to choose a property management company. And you also never, ever choose a company because they’re the cheapest. Choose a Northern Utah property management company that’s aligned with your investment goals and has a documented history of success working with investors just like you.
For example, if you were in need of a total knee replacement and saw a billboard for a doctor offering 50% off all total knee surgeries, would you go to that doctor? Property management certainly isn’t knee surgery, but it is your investment and financial security. You need to have a conversation and resist the temptation of choosing the first person who answers the phone or offers the deepest discount. Don’t go cheap, you don’t want to be frustrated and you don’t want to be the person who has to come up with systems because your property manager hasn’t. People do not buy real estate investments to have a second or third job. At Envy, we’re particular about the properties we manage because we believe in sharing the same goals and in being clear and transparent. If you want help choosing a Northern Utah property management company, please contact us at Envy Property Management. You don’t automatically need to hire us to manage your property, but we are a wealth of information when it comes to professional property management. You can ask us for some valuable tips and extra resources to make the choice simple and painless. Give us a call today, 801-337-4337 or visit our website at envypm.com where you can easily view our three-tiered pricing plan, so you can choose the package that best fits you and your needs.