As a rental property owner here in Buffalo and WNY, you’ve probably at least considered hiring a property management company at some point along your journey. If you’re like Steve, our owner, you may have tried out 4 or 5 or 6 different property management companies and found no luck. Today on the blog, we are going to cover a few basic services that every Buffalo property management company should provide for any rental property owner. If you are working with a property manager who fails to accomplish any of the following services, or you are finding it tedious or frustrating to communicate and see things get done, it may be time for a cup of coffee to see if we can make things easier for you.
Here are 5 Big things that every property owner should receive from their management partner.
Tenant Acquisition & Marketing
Any property management company should be ahead of the curve when it comes to listing and advertising your rental units. Utilizing channels like Zillow, Showmojo, and other tools is commonplace in today’s market, and if your company is relying on word of mouth marketing or just dropping a few photos on Craigslist or Facebook Marketplace, then you may be missing out on a quicker turnover. High-quality, up-to-date photos and videos are also something that should be provided EACH new rental turnover, not recycling photos from 4 years ago.
Once the renter leads come through, your property management company should have a seamless application process and a tenant screening system in place. This helps to streamline the experience for the renter, owner, and property manager. Checking credit and background, including income verification and complying with fair housing laws and procedures, are all things that you should never need to worry about when working with a quality property management company.
Lastly, providing the tenant with a smooth move-in process and helping them to fully understand the rules and responsibilities that they hold as a lessor of your property should be done in an efficient and easy way for all parties.
Financial and Rent Management
One of the main services that property owners provide is collecting rent. This is something everyone knows and should come to expect from a manager. Collecting payments, processing payments, and dealing with potential issues and/or late fees are something no owner should need to deal with once they sign up with a management company.
Beyond simple collections and processing, however, lies a key differentiator for some owners. Is your property manager giving you detailed financial reports? Are they providing accounting and managing a bank account for your property? Do they handle security deposits and all monetary transactions? If you are an owner of units here around Buffalo, but live out of the area, this can be extremely beneficial and allow you to feel fully hands-off when you can simply receive a report and not need to deal with all the management and handling of cash, checks, and other forms of payment. We can do this for you!
Maintenance and Repairs
The minute you hire a property manager is the same minute you should be able to stop worrying about tenant problems. This includes maintenance, repairs, and tenant maintenance requests. This includes things like appliances, plumbing, HVAC, drains, water leaks, toilets, heating issues, and more. You may have some preferred vendors or helpers that you feel you can rely on, and if you so choose to keep using them, that’s fine, but a property manager should have reliable contractors as partners who can step in at any time and provide a timely and cost-effective response.
You should never worry about your property being damaged or worry about a small bill becoming a bigger bill. Any maintenance or repair should be properly documented, tracked, and provided with receipts and details in the form of your financial reporting. Transparency is key to trusting a property management company, and that means healthy, clear communication and conducting routine inspections and fixing issues before they snowball into a bigger, more expensive issue.
Legal & Risk Management
Nobody likes to go to court, and in our opinion, nobody wins in court, but should you need help with anything regarding legal matters, your property manager should step up to the plate for you. Ensure your property management partner has a thorough knowledge of landlord-tenant laws, fair housing regulations, and eviction law. You shouldn’t need to worry about doing anything in a courtroom; your property management team should have legal help on the Rolodex to ensure all legal procedures are properly met, handled, and remain off your plate.
We provide our owners with a fully hands-off legal experience where we will go to court on your behalf and work with our dedicated legal partners to provide the best result possible and keep your property filled with the right tenants so you can maximize your ROI.
Tenant Communication
Renters aren’t getting older; the newer generations are not the same as renters of the last 10, 15, or 20 years. This means communicating with tenants and utilizing tech and digital tools that allow them to feel supported and serviced in a way that makes them feel comfortable. Property managers act as the main and only point of contact for tenants, providing a swift and professional response to their concerns.
Using tools like Property Meld allows our owners’ tenants to have an app that they can make a request without needing to pick up the phone or talk to anyone. They simply enter their request into their own portal on the app, and we take it from there. We also offer all of our tenants an introductory Zoom call with someone from our team to help them feel welcomed and nurtured during their initial steps. This helps to provide tenants with a positive experience, and thus, creates an environment that helps to retain tenants and increase the likelihood that they renew their lease and allowing income to continue flowing for owners.
These are by no means EVERY single service that a property manager in Buffalo should provide for an owner, but if they are not, it may be time to look elsewhere. Steve, our owner and CEO, understood this quandary himself, having worked with several property managers before starting Nickel City Property Management and helping owners to close the loop on issues with their rentals. We would love to hear what you feel you’re missing out on as an owner of a Buffalo property. Let’s see what we can do to make your life easier!
