What should you look for in a property management company?

by Liz Nitz

Range Properties MT got into property management at the request of a few real estate clients. These clients had purchased property that they would use part time, or the property was simply a hometown investment. When we agreed to take on this new role, we were only managing 4 properties and did not really intend on growing that end of our business.

Haha, fast forward 20 months, and we are at 36 properties under management. We have never advertised – our property management clients are our real estate clients, past and future. 

 

In those 20 months, we have learned a lot about what it takes to be the best in property management. Here is our list of things to look for in a property management company:

 

  1. How is the company organized? Specifically look for guest interface and frequency. 
  2. What is the response time if a problem arises during the guest stay? At Range, all guest interaction is monitored by Liz or Sinclair. We typically respond to anything in under an hour.
  3. Are the property listings professionally presented on all rental sites? At Range, we hire a professional photographer for all of our rentals at our expense.
  4. How is pricing for the rentals set? Range uses a pricing tool that we set the parameters on, allowing us to seasonally adjust pricing for maximum revenue for our owners.
  5. How is the cleaning handled? It is SO important to have a spotless rental. At Range, our cleaning team works for us and knows our standards. We also have each home checked after the cleaning and before each guest checks in. This allows us to make sure there are no cleaning misses plus ensure there is a good stock of all supplies.
  6. How is billing and invoicing handled between the owner and the management company? There are a few ways to do this, but the most important thing is that it is transparent and that the manager is available for questions. Our Range invoicing is very clearly labeled, and we are always just a text or phone call away for questions.
  7. How much does the property management company charge? And what is included for this cost? Are there set up fees? Management companies vary widely, and the least expensive is not necessarily a good value. Fees need to be assessed against the entire package.
  8. Other questions to ask: Can the property management company accommodate same day turns which helps increase your occupancy; does the property management company have vendor relationships to help solve maintenance issues quickly; what are the ratings of the properties that the property management company manages?; on what platforms does the management company put rentals?
  9. Lastly, do you feel that this company has time for you and for your properties? Will they be timely communicators and care about the guest experience and your experience with them? Because Range is interested in making the real estate asset as valuable for our clients as we can, we will always work hard so that our client has the highest level of satisfaction with us. To accomplish this, we continue to become more efficient with our work processes, utilize technology, and hire more help as we grow. The end result is a positive relationship with our clients who feel individually attended to, a cash flowing real estate asset, and very happy guests.

 

Please reach out to us if you’d like to discuss what makes a great property management company!

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7775 Bridger Shadows Road, Bozeman, Montana 59715, Bozeman, Montana 59

7775 Bridger Shadows Road, Bozeman, Montana 59715, Bozeman, Montana 59715

5Bedroom(s)
5Bathroom(s)
20Acre
5,493Sqft
Impeccably constructed new home located in Bridger Canyon. Boasting almost 6000 +/- sq ft and over 8500+/- sq ft of pure luxury under roof, this home and barn is located on 20 acres in coveted Bridger Canyon. Located just ten miles from downtown Bozeman and 10 minutes from Bridger Bowl Ski area, this brand-new custom home has it all.
$7,600,000

14850 Pony Creek Road, Bozeman, Montana 59715, Bozeman, Montana 59715

14850 Pony Creek Road, Bozeman, Montana 59715, Bozeman, Montana 59715

3Bedroom(s)
1Bathroom(s)
20.01Acre
1,280Sqft
If you are looking for the most stunning views and the perfect location you have found it! The mountain views from this property are absolutely gorgeous. The Bridger Mountains are right out the back door! Enjoy the simplicity of the two cabins or build your own home on the 20.007 acres.
$1,050,777

1301 Wildflower Way, Bozeman, Montana 59715, Bozeman, Montana 59715

1301 Wildflower Way, Bozeman, Montana 59715, Bozeman, Montana 59715

2Bedroom(s)
1Bathroom(s)
0.93Sqft
2,000Sqft
A slice of Bozeman with big Bridger Mountain Views. This quaint home sits on just under 1 acre with easy access to Hyalite Reservoir, Montana State University, Downtown Bozeman, and many hiking/mountain biking trails. Home has 2 bedrooms with two baths and a separate additional dwelling unit with 1 bedroom & 1 bathroom. The ADU is also fenced with their own separate yard space.
$1,200,000

3105 Madrona Lane, Bozeman, Montana 59715, Bozeman, Montana 59715

3105 Madrona Lane, Bozeman, Montana 59715, Bozeman, Montana 59715

5Bedroom(s)
3Bathroom(s)
0.19Sqft
3,053Sqft
Ideally situated on a corner lot in the highly sought-after Alder Creek subdivision, this stunning custom-built 5-bedroom, 3-bathroom family home is brimming with premium upgrades. Enjoy the comfort of air conditioning, walk-in closets in every bedroom, cherry cabinetry + granite countertops in the kitchen, laundry room, and all bathrooms.
$1,095,000

3495 Deer Creek, Bozeman, Montana 59715, Bozeman, Montana 59715

3495 Deer Creek, Bozeman, Montana 59715, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
20.21Acre
1,927Sqft
Deer Creek Road is the apex of quiet luxury, nestled at the base of the Bridger Range. This two-bedroom, two-bathroom mountain retreat provides unobstructed views of the valley and is only a ten-minute commute from Downtown Bozeman.
$2,995,000

270 Falling Star Road, Bozeman, Montana 59715, Bozeman, Montana 59715

270 Falling Star Road, Bozeman, Montana 59715, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
5.22Sqft
5,055Sqft
Situated under the shadows of the Bridger Range in perhaps Bozeman's finest neighborhood, Ross Peak Ranch, sits 270 Falling Star Road, a 5000sf+ architectural masterpiece that stands as a testament to high-design and build quality.
$4,895,000

417 W Lamme, Bozeman, Montana 59715, Bozeman, Montana 59715

417 W Lamme, Bozeman, Montana 59715, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.13Acre
2,032Sqft
417 W. Lamme is an adorable bungalow-style home with leaded glass in the picture window and entryway, located in downtown Bozeman. The backyard has been recently redone with a privacy fence, the garage has a new roof, and the foundation has been secured for this 1903 property.
$715,000

323 Gallatin Park Drive 101/201, Bozeman, Montana, Bozeman, Montana 59

323 Gallatin Park Drive 101/201, Bozeman, Montana, Bozeman, Montana 59715

2Bedroom(s)
1Bathroom(s)
879Sqft
Better than new, mixed use condominium with premium finishes. Live comfortably upstairs in 2 bedroom, 1 bathroom space with open living/dining area, large kitchen with island and sliding doors that open to balcony. Use the versatile, heated lower level as work space, business space, garage plus storage or exercise area or combination of these uses.
$745,000

611 E Peach Street 306, Bozeman, Montana 59715, Bozeman, Montana 59715

611 E Peach Street 306, Bozeman, Montana 59715, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
2,088Sqft
This stunning two-story, east-facing home offers breathtaking top floor views of the Bridger Range and the Story Hills. With 2,088 square feet of living space, the residence includes 2 bedrooms, 2.5 bathrooms, and dual covered decks on each level, perfect for entertaining with a spacious wet bar.
$2,150,000
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