How to Find a Property Manager Company in Ohio
As an investor, you know that income-generating properties can bring a reliable monthly cash flow and build long-term wealth. You’ve also learned that much time and effort goes into managing investment properties. To maximize your return on investment, you must hire a licensed property manager company in Ohio to oversee the daily operations. Hiring the wrong property manager can result in missed rent, vacancies, poor maintenance, tenant dissatisfaction, and financial loss. However, hiring the right person or company can greatly enhance your finances, free time, and your property’s reputation.
So, how do you find the best property manager companies in Ohio? This guide will help you find the perfect candidate for your requirements.
What is a property manager?
A property manager is a person or company responsible for overseeing the daily operations of a commercial investment property. Property managers ensure the real estate operates according to the property owner’s direction. A property manager is a liaison between the property owner and tenants, staff, or contractors. The objective of a property manager is to run the operation smoothly while maintaining tenant satisfaction. A property owner can hire a property manager company to work as in-house or 3rd party on-site property managers.
What are the tasks of a property management company?
The typical responsibilities of a property manager company include the following:
- Rent collection
- Manage repairs and maintenance
- Property upkeep
- Determine rental prices
- Advertise rental vacancies
- Show units to prospective tenants
- Tenant screening
- Prepare vacant units
- Compose, negotiate, and execute contracts and lease agreements
- Enforce lease agreements
- Fill vacancies
- Unit inspections upon move-outs
- Administrative operations
- Mortgage payments
- Tax payments
- Insurance payments
- Legal matters
- Tenant communications
- Negotiating contracts and lease agreements
What are the benefits of using a property management company?
Investing in rental properties can be a great way to increase your cash flow. However, managing an investment property is a time-consuming and tedious job that isn’t everyone’s cup of tea. Hiring a property manager company can be a great professional and personal asset. Although you’re paying for property management services, the money you’ll save in the long run can maximize your ROI and help you achieve greater success.
Below are 6 benefits of using a property management company:
- Rent to quality tenants. The biggest benefit of hiring licensed property managers is they manage tenant screenings. Qualified property managers are experienced in this area and can detect red flags, so you avoid difficult tenants. Likewise, they can also tell which tenants would be reliable and a great fit for your property.
- Reduce vacancy rate. Property managers are proficient in rental space marketing. They know how to attract the right tenants, and their local area knowledge helps determine competitive rental prices.
- Greater tenant retention. Qualified property management companies are skilled in increasing tenant satisfaction while decreasing tenant turnover rates. Property managers build great rapport with tenants and help as soon as problems occur. The happier tenants are in their space, the less likely they will move out, even if the rent increases.
- Lower maintenance expenses. Established property manager companies usually have an in-house maintenance team or a network of specialists they regularly work with. With regularly scheduled inspections, potential issues are discovered early on before it turns into an emergency. Also, you can sometimes obtain maintenance services at a discounted rate when the work is contracted through the property management company.
- Reduce legal concerns. Professional property manager companies ensure their staff is proficient in fair housing laws and other rental laws. The property managers have the knowledge and expertise to help protect your business from potential lawsuits. They can also take care of legal matters such as executing and terminating lease agreements, handling security deposits, collecting late rent payment fees, and evictions.
- Save time, money, and energy. Relying on a property manager company to handle the daily operations of your property can save you time, money, and energy. Imagine not dealing with late-night emergencies, repairs, finding contractors, paperwork, collecting rent, and other responsibilities. You’ll have more time to focus on commercial real estate investing and personal freedom to enjoy the things that make you happy.
How do you find a property manager company in Ohio?
Ask for referrals.
Word-of-mouth referrals often result in finding some of the best property manager companies in Ohio. Ask for referrals from industry professionals, such as commercial real estate brokers, appraisers, developers, and investors. These pros usually have many connections and can provide helpful referrals. Owners of local income-generating properties can also point you toward finding a quality property management company. Find local owners by searching for similar properties, then ask who manages their property.
Search the web for a property manager company in Ohio (or elsewhere).
Searching Google for “property manager company in Columbus, Ohio,” for example, will return a list of local companies. Pay attention to the company’s location and reviews. Next, visit each property management company’s website to learn their mission, specialties, and length of time in business. Once you’ve compiled a list of a few property manager companies, look at their social media presence to get a better gauge on their tone, local authority, and feedback.
Join a local commercial real estate investor network.
Local Real estate investor groups and associations are an excellent way to meet other investors and ask for referrals. Below are some investor networking opportunities:
- Ohio Real Estate Investors Association (OREIA)
- Central Ohio Real Estate Entrepreneurs (COREE)
- LinkedIn Groups
- Facebook Groups (such as Central Ohio Investor Network)
- Forums, such as BiggerPockets.com
- Roi’s List
You’ve found a few property manager companies that you like. Now what?
It’s important that you find at least a few property manager candidates. After you review their website and online reviews, contact them. Schedule a phone call to ask the property manager company some preliminary questions. Ask if you can visit their office to meet them in person. This will allow you to see if their office looks professional and organized. Visiting the property manager companies on-site will also give you insight into the professionalism of their employees.
Top 15 questions to ask a property manager during an interview:
There are many points to consider when hiring a property management company. As with most businesses, property management companies are not all created equally. Education and experience, local area knowledge, range of services, and fees greatly vary among property manager companies. Some property managers are more adept than others in using modern technology and keeping their finger on the pulse of the industry. Since you will entrust the property manager company with your investment and reputation, you must do your due diligence when screening candidates.
Below are 15 fundamental questions to ask property manager companies during an interview.
- Do you hold an active property manager license?
- How long have you been in business?
- How many properties do you currently manage?
- Specifically, which type of property management services do you provide?
- What are your property management fees?
- Generally speaking, what are your advertising tactics?
- What strategies do you use to fill vacancies swiftly without sacrificing the quality of tenants?
- Which methods do you use to screen prospective tenants?
- How do you determine appropriate rental rates?
- What is your process for receiving maintenance requests? (Do they handle any maintenance themselves or rely on contractors? How extensive is their network of local contractors?)
- What is your cancelation or early termination policy?
- Which kind of insurance do you have for your property management services? (For example, they may have general liability, property casualty, or errors and omissions.)
- What is the average vacancy rate for the properties you manage?
- Do you have a preferred method of communication with clients?
- Can you provide any references?
Compare the services and fees of your property manager candidates.
Fees usually vary among property management firms and depend on the property management services required. It’s best practice to interview at least two or three property manager companies. Meeting with several candidates will help you compare their services and fees. Don’t just look at cost; some companies provide full-service property management services, while others only help in critical areas. Below are some essential questions:
- Are they flexible in the services they provide?
- Can they tailor a package to suit your specific needs?
- Are there additional fees for property management services outside of the scope of work?
- What is their pricing breakdown?
- Do they charge a fixed fee based on the property size or a percentage of the monthly collected rent?
- Is there a fee for early termination of the property manager company contract?
Check for licenses and certifications.
Do you due diligence and double-check the property manager’s license and certifications. Licensed property managers are experts in their field, which can be beneficial when managing your commercial property. Licensees are also held to a higher standard, especially in Ohio. Many states require property managers and property manager companies to have an active real estate broker license. Some states require a specific property management license, whereas other states do not require licensing. Check with your state’s real estate department of commerce to see if a candidate has a license and if it’s active. The more qualifications the individual or property management company has, the more time and money you’ll save in the end.
In Ohio, the following division is responsible for licensing Ohio real estate professionals:
- Ohio Real Estate and Professional Licensing (REPL)
You can also find out if the property manager company (or individual) has certifications with trade associations, such as the following:
- Ohio Real Estate Investors Association (OREIA)
- National Real Estate Investors Association (National REIA)
- National Association of Residential Property Managers (NARPM)
- Institute of Real Estate Management (IREM)
It’s also good to check with the Better Business Bureau (BBB) to ensure complaints have not been filed against the property manager company.
Work with The Robert Weiler Company: The Best Property Manager Company in Ohio!
If you’re trying to find the best property management companies in Ohio, you’re already at the right place! The Robert Weiler Company is a full-service multifamily and commercial property manager company in Columbus, Ohio. The Robert Weiler Company has been serving Central Ohio rental property owners for three generations. We tailor our services to you and your property’s requirements. Whether your investment property is a multifamily building, apartment complex, retail building, warehouse, office property, or other commercial rental property, The Robert Weiler Company can help! Our licensed property managers bring expertise, professionalism, dedication, unmatched services, and maximum profits. Our unique property management approach provides our clients with professional tools and resources, a positive experience, and peace of mind. Call us today at 614-221-4286 to learn how our property manager company can help you maximize your profits.