Keep it Local! Why Property Managers Near You are Best

A property manager can handle everything from collecting rent to sourcing tenants. They can even be a resource to you when it comes time to expand your investment portfolio. With these services in mind, there are several reasons why hiring a local property manager is a smart move. Here are just a few:

They Know the Area

For many property investors, a local property manager is the most logical choice simply because they’re “boots on the ground.” According to Buildium’s 2021 State of Property Management Report, nearly half of property owners live away from their properties. Having a property manager who works locally can guarantee that your properties are well cared for. 

Additionally, if you’re looking for help increasing your properties’ profitability, having a property manager who knows the local markets is key. They’ll have familiarity with the local real estate market and housing trends. Since they know the area, they’ll know how best to price your rental, where to market your property and how to attract the best tenants, and what tenants will be looking for in a rental. This knowledge will help them keep your property leased and profitable. 

A knowledgeable, local property manager can also help you make smart investing decisions when the time comes for you to expand your real estate holdings. They’ll be a great resource to help you find local properties that will attract renters due to their potential rental price, amenities, and other attributes (e.g. proximity to good schools, restaurants, or shops). 

The “Area” Knows Them

Local property managers will be well known to real estate agents and a whole network of maintenance workers and independent contractors. They will have spent the time cultivating relationships with reliable maintenance providers and contractors. You’ll be more likely to be offered a reasonable bid for work if your property manager is local and well known to the community. Likewise, if your property manager is known well by local real estate agents and rental brokers, they’ll be more likely to suggest your property to their clients. 

Additionally, if your property manager is serving as a business and investment advisor, it’s crucial that they have a strong foothold in the community. They’ll be one of the first people real estate agents will call when a promising listing is posted. This will certainly keep your business growing and ahead of the curve. any property managers have previous experience working as real estate agents, themselves. They’ll know exactly who to contact, and when, should you want to snap up a new piece of real estate. If the time comes for you to sell your property, expand your business, or take on capital improvements, your local property manager will serve as an invaluable resource.

Availability

According to Buildium’s report, 72% of renters believe it’s important for their property manager to be easy to get ahold of. Additionally, 78% of property owners want regular updates from their property managers on the state of their rental properties. In order for both these things to be possible, you’ll need a local property manager who can be accessible to both you and your tenants. A good, local property manager will keep you up to date on the profitability of your property while also keeping your tenants happy by quickly responding to their needs. Being able to proactively address tenants’ concerns before they become larger issues will also save you from costly repairs down the road.

Local Laws and Regulations

Due to the pandemic, 2020 and 2021 saw a major overhaul in local rental laws and regulations. From moratoriums on evictions to changes in renters’ rights, the laws surrounding landlord obligations have been in a state of flux. It’s never been more important to have a local property manager on your team who can keep track of the ever-changing legal landscape, so you don’t have to. A property manager that’s tuned into the local regulations can provide valuable insight and peace of mind that can lead to smarter, more profitable decisions about your properties. 

Q+A: What to Ask Potential Property Managers

Before you begin the hiring process, there are a few questions you should have prepared for your prospective property managers.  

Pricing and Contracts

Pricing for property management companies varies widely, depending on location, services, and even the size of the company. On average, you should expect to pay a property management company between 8% and 12% of the monthly rental value of your properties, plus expenses. However, some companies charge a flat rate for their services. This is information you’ll need to know, upfront, from your future property management company. You’ll also want to ask how they structure their contracts. A good property management contract should include information on duties and responsibilities, contact information, detailed information on how fees are collected, etc. You should also inquire into what responsibilities the property management company expects you to fulfill. 

Specialities

When hiring a local property manager, it’s important to keep in mind that not all property managers are a good fit for your business. Discuss with your prospective property manager whether or not they specialize in the particular type of property you own. For example, if you’re a single-family home investor, your best interests won’t be well served by a property manager who specializes in commercial real estate. 

Approach to Marketing 

During the interview process, you should discover your future property manager’s approach to attracting new clients. Ask them how they conduct market research, how they determine the price of rent, and how they use technology. According to Buildium, 7 in 10 property managers use online property listing services to advertise their properties. This should come as no surprise, as the easiest way for a potential tenant to narrow down their options is by searching online. Make sure that your property manager is staying up to date on their technology so you can stay ahead of the curve. 

Additional Services

Many property managers offer monthly and annual financial reporting services. For some, this is the extent of the financial support they can provide. However, others can offer investment advice in addition to their other management services. If you’re interested in growing your business, working with a property manager who specializes in financial reporting as well as investment advising is important. Given that smarter investments can potentially increase revenue well beyond the cost of these services, this is something you should inquire after when finding your property manager. 

Find Vetted Property Managers Closest to You

If you’re ready to find the right local property manager for your business, there are a couple of ways to search! 

Search by City

Looking for a property manager based in your city that you can trust? Start your search!

Search by State

If you own multiple properties across your state, hiring a property manager serving your entire state is a good idea. Start your search!