When you’re looking for Nashville property management, you need to spend a bit of time doing research. Gather referrals from people you trust, read customer reviews online, and explore the websites and social media presence of the management companies you’re considering.
Most importantly, interview those companies. You need to have a conversation about how they operate and what their business model means for your particular property or portfolio of properties.
You should be prepared with a lot of questions, and today we’re sharing the top four questions that every Nashville property management company should be able to answer to your satisfaction.
Ask About Responsiveness and Capacity
Responsiveness is part of a property manager’s communication strategy and it delivers information, transparency, and peace of mind. If you’ve been trying to get in touch with a property manager for weeks just to schedule an interview, that’s a good indication that you may have some trouble getting their attention when you’re actually working with them.
Ask how they communicate with owners, vendors, residents, and the community in general. Do they provide thorough and helpful information about managing properties and renting out homes, or are they quick to end the call? Do they have the capacity to get back to you quickly when you have questions or concerns? If there is one property manager taking care of everything for every client, you may have to compete for their attention, and that does not work well in the long run.
Potential property managers should be able to tell you how quickly they respond and which staff members will be working with you and your residents, as well as their ratio of staff to the number of units managed.
Ask About Nashville Property Management Experience
A good property management company will have three kinds of experience in order to effectively manage your investment.
First, they’ll have local market experience. Ask how long your property managers have lived and worked in Nashville. Find out if they’ve been tenants themselves or if they own investment property too. Ask about the local market trends and rental values. You want people who intimately understand the Nashville rental market and its associated nuances managing your home; not someone who will take a quick peek at Zillow to provide critical market intelligence.
Then, ask about industry experience. You want a team of managers who understand property management and are completely dedicated to it. Find out if they’re active in any local or national associations like the National Association of Residential Property Managers (NARPM). Ask how they stay current in their profession.
Finally, ask what types of properties they manage. If you own a portfolio of single-family homes, a management company that specializes in large apartment buildings may not be your best choice.
Ask About Established and Automated Systems
To efficiently and effectively manage your property, a good management company will have systems and technology in place that cover everything from leasing to screening to security deposit collection. You’ll want to know there’s a process in place for move-ins, lease enforcement, rent collection, routine maintenance, and emergency repairs. Find out what they do when rent is late or how they can be sure an emotional support animal is not actually a pet. You should be able to ask for examples of systems they have in place and hear success stories about how they’ve worked in the past.
Ask About Quality of Tools and Resources
One of the best reasons to work with a professional Nashville property manager is the tools, resources, and expertise they bring to your investment portfolio. It’s important that your property management company has access to outstanding maintenance vendors, great insurance agents, and a long list of third-party resources. We work closely with a local collections firm that has a staff attorney. This has been a tremendous asset to us and our owners.