Steve Rozenberg is the VP of Investor Education with Mynd Property Management, and he asked Jessy Porter, the Portfolio Manager of Atlanta Operations with Mynd to talk about some of the common issues and challenges that face Atlanta real estate investors and landlords.
How do you choose the best Atlanta property management company?
Naturally, we think that Mynd is the best choice for investors in the local Atlanta real estate market. But, if you’re an investor looking at different companies and options, we want you to know how to identify the management company that’s best for your Atlanta rental property.
There are a few things you should consider.
Online Reviews vs. Professional Referrals
It’s very easy to look at online reviews and make a judgment based on what you read. Everything is reviewed online these days. But, with property management, it’s important to not put a lot of weight in those online reviews. Often, a company will get a bad review simply by doing their job and doing it well. Enforcing a lease, for example, leaves a lot of residents disgruntled.
Instead of focusing on the reviews you see online, ask for referrals from people you know and trust. Talk to other investors about the property managers they’re working with and find out what kind of experience they’re having. Those are the opinions that matter more than strangers online. When you’re looking for an Atlanta property management company, you can expect solid and honest feedback from someone who is using a management company and having a good experience.
Online review sites are public sounding boards for unhappy people. Studies have shown that people are five times more likely to post a bad review when they’re unhappy than they are to post a good review when they’re pleased. So, you’re not getting a balanced look at a property management company when you rely entirely on the reviews you read.
Most real estate investors know other investors. Use those resources to ask about a management company’s reputation or areas of expertise.
Ask Questions When Considering Atlanta Property Managers
Ask a lot of questions. When you narrow your search down to a list and you’ve picked a few potential management companies, start having conversations. Talk about their management style and their values. Make sure your interests are aligned. This isn’t just another product. Property management is not something you buy. You’re investing in a partnership, and you need to be sure you’re working with the right company.
Start by making sure they manage the types of properties that you own. Talk about your expectations. Discuss accounting systems and financial needs. If you’re looking for a management company to run specific reports and statements, you’ll want to be sure they have the software and expertise to do that. Some investors won’t need a lot of accounting expertise, but other investors will have partners and multiple parties who need reports in different formats. The management company you choose must have the capacity you need. That’s why you ask questions and that’s why you talk to other investors.
Unique Property Management Needs for Out-of-State Investors
Finding a good Atlanta property management company is even more critical for investors who are outside of Atlanta or even outside of the country. In this case, the best management company will be the one with the software and the systems that can make your life easier and your property more protected.
Financial reporting will be especially important to you because you’ll want to know how your property is performing. Make sure you won’t have to wait for someone to come into the office to help you because you’ll be in a different time zone, and anxious to get the information you need when you need it.
Make sure you’re working with a management company that understands your type of property and your unique market. If you just purchased a rental home that can earn $5,000 a month in rent, you don’t want to work with a property management company that focuses on homes in the $500 per month range. That won’t be the right place for you.
Be on the same path with your property management company. You’ll need to choose a property manager that understands your unique needs. Maybe you’re more concerned with maintenance and you want to retain some control over how repairs are completed. Maybe you’re more interested in a company that can develop and maintain great resident relationships.
Whichever company you choose and whatever you want to focus on with your investment, it’s important that you’re working with someone that can help you create wealth. This is why you invest in real estate, and this is why you choose a property management partner: to earn money. You don’t want to work with a company that requires a lot of direction and babysitting. Have substantive conversations before you hire someone. You don’t want a contractor who you’re simply paying for services. You want a partner who is a valuable member of your investment team.
The Atlanta property management company you choose to work with should be a leader in the industry and your local market. Don’t hire a company with limitations because those limitations will get in your way and end up costing you money and wasting your time.
If you’d like to learn more about the best property management company in Atlanta, contact us at Mynd Property Management. We have a unique ability to deliver the best in residential and investment management, and we’d love to tell you more about it.
We also have other opportunities to connect with us and learn more about investing in Atlanta. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.