What should you look for in a property management company?

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!