The property management company highly deals with your property from different sides. When you are landlords, it is not a simple task to take care of your property. There are so many legal issues on property management that you didn’t study before. There are rough and tough tenants whom you didn’t approach before. Your property may be at risk in case you don’t know how to handle every issue.
It is really important to make sure you want to protect and safeguard your property anyhow. So, you just go with the best and renowned property management company. They will take care of your property not just for letting you lead hassle-free life but hiring a good property management company can be worth adding value and brand of your property.
Let’s go here with this article as we are letting you know some rich information on some property management companies and the benefits of hiring a property management company.
Content Outline
Role of a Property Management Company
As a landlord, you don’t want to face any hassle and suffer from mental pressure with property management. Surely having a property does not mean that you are a happy guy because there are a lot of complicated issues to be handled. You are landlords and lead a hassle-free life and then you should think of hiring a property management company for numerous benefits. The role of a property management companies is many more that you are not experienced to deal with. So, these roles include-
Property Maintenance
When you have property, you may not have enough time to take care. So, you just go with the property management company that will take care of the property. This can add up the market value which is really a good deal to go with a property management companies.
Tenant Management
It is really difficult to handle tenant when you didn’t do that before. The tenant may be so aggressive and criminal in case no screening is ensured. Surely you are not an expert on how to screen good tenants for your property. But property management companies can do that in a professional manner. So, you keep away from dishonest tenants by providing your property to the property management company.
Rental Collection
The rental collection is really tough because you may be thwarted with the behavior of the tenants. You may not get rents on time and this could be a reality as stressful conditions for your mind. But the property management company is professional on how to collect rental collection on time. There may be wrongly some bad tenants at your property right now.
But you don’t get depressed because the employees of the property management companies are skilled. They know how to get rent on time with their excellent communication skill and professional behavior.
Paper Works
Property management companies is skilled in paper works in terms of property. Part of this, there are lease contracts, financial report preparation, and legal issues in which you don’t know anything. Luckily your property management company will handle those issues effectively. This can reduce any risk of the property and enhance the value of your property indeed.
List of Best Property Management Companies
As said that, we have listed the top ten property management companies in the United States of America. These property management companies have a good track record and dealing with property for a long time. so, you just get to know them.
1. Greystar Real Estate Partners
Greystar Real estate partners are one of the leading property management firms that provide service to those who invest in multifamily real estate. This firm was founded by Robert A. Faith in 1994 which is headquartered in Charleston, SC.
This company is vibrant and famous in the United States of America and it had more than 4,15,000 units under its management in 2018. With 12,000 qualified and experienced employees, it runs its business activities in more than 30 countries. This firm has currently $26 billion in assets under management.
2. Lincoln Property Company
Lincoln Property Company is considered as a leading property management company in the United States of America. There are more than 184,000 units under its management. This is a trustable firm which provides service such as property development, construction, and rehabilitation for the property investors.
Additionally, this firm has different programs for developing military housing in the United States of America. This firm is located in Dallas, Texas, and led by President and CEO Tim Byrne.
3. Pinnacle
Pinnacle headquartered in Dallas, Texas is another giant property management company that has 172,000 units under its management. The Pinnacle has multiple programs in terms of property renovation, design, development, and commercial development. There is affordable housing for low-income people, seniors, and students.
This firm has more programs to take care of the distressed properties and assist in the management of HOAs and condo associations. This firm is currently being led by Rick L. Graf who is working as CEO.
4. Alliance Residential
Alliance residential is one of the leading property management companies in the United States of America. When you are seeking the largest developers, this one is going to be the right one. Truly, this firm operat4es more than $20 billion in assets in 20 states.
Being the largest developer company, the alliance has employed about 3,500 employees who are skilled in this field and takes care of asset management, apartment marketing, trustee sales REO purchases, and lease-up management. The headquarter of the alliance residential is at Phoenix, AZ the chairman and CEO is Bruce Ward.
5. FPI Management
FPI Management is best known as a property management company and it is a big company. Under the management of this firm, there are 114,000 units in 14 states which are managed by this firm. Luckily this firm has also different programs to facilitate affordable housing for students, senior citizens, and single mothers. Dennis Treadway is the CEO of this property management company and it is headquartered in Folsom, CA.
6. WinnCompanies
WinnCompanies is also a big property company that has 100,000 properties in 22 states. The firm mainly focuses the developing and managing properties. Additionally, it is considered as one of the leading developers that work for the development of the multifamily property of the military.
The firm highly put importances of market-rate apartment and communities for seniors. This firm also works for the maximum sustainability of the property. WinnCompanies are headquartered in Boston, Massachusetts and Gilbert Winn is heading the firm currently.
7. MAA
MAA is the brand name in the realm of the real estate business. This is publicly traded as a real estate investment trust. MAA actively works for investment in the apartments across the southeast and southwest of the United States. The company has an acquisition of the number of properties in the last two decades. This firm is headquartered in Memphis, Tennessee and H. Eric Bolton is working as chairmen and CEO.
8. Apartment Management Consultants, LLC
Under apartment consultants, LLC, there are over 86,000 properties which sound awesome indeed. This firm runs its program in 22 states of this country. This property management company has a good reputation in dealing with investment management, asset accounting services, working with an insurance company, and other types of services. This company is headquartered in Cottonwood Heights, Utah.
9. BH Management, LLC
BH Management LLC is the property management company that deals with property-related issues. This company is the subsidiary of the BH companies which is one of the brands that provide extensive services in terms of real estate management and investment services. When you are prospect buyers and need help on underwriting and acquisition, the BH Management LLC can be a great source.
There are 67,000 properties under the management of this company which sounds good to be a reputable company. This company is located in Des Moines, Iowa and Harry Bookey is the chairman of this property management company.
10. Equity Residential
Equity Residential is a property management company that highly deals with high and more expensive property markets in New York, Washington DC, San Francisco, Los Angeles, Boston, San Diego, Seattle, Denver, and Seattle. There are 78,000 property under its management which sounds good to choose this property management company. It is headquartered in Chicago and at present headed by CEO David j Neithercurt.
Benefit of Having Property Management Companies
When you have multiple units of property, it may be so difficult to tackle them. The property management company will take care of your property and add up revenue indeed. there are some benefits of having property management companies
High Quality of Tenants
A new landlord is not an expert in dealing with a high quality of tenants. The high quality of tenants means fewer problems in your property. Truly a property management company has the best screening process to find out the best quality of tenants which can be good for your property.
When you are landlord, you surely want rent in time, tenants to stay for a long time and cause no problem. So, this can be possible when you are going with the help of a property management company.
Less Legal Problems
Background check is one of the big and important issues for the landlords. As a landlord, you never want to see any incident in your apartment by miscreants. But you are not able to find out good tenants but property management can do that.
On the other hand, there are more legal issues such as handling rent and security deposit, lease contract, unit inspection, property condition and safety, and tenant evictions. Truly a property management company can deal with those so easily that surely is going to ensure your peace of mind.
Value of Your Rental Property
Truly you are a landlord and far away from your property. It is really difficult to take care of your property and it reduces the quality and value of the property. But the property management can be there close to your property and you just provide the responsibility to look after. The property management company will promote and add branding of your property which can increase the value of your rental property.
Personal Benefits
When you want to lead a hassle-free life, you can’t directly handle your property. You just hire a property management company to make sure you have less stress and more freedom. This can truly lead to your free time indeed.
Steps To Choose a Property Management Company
When you are landlords and want to lead a stress-free life, you may go for a property management company. Property management companies can help you manage and grow value your property in the long run. There are a few considerations before choosing the property management company.
Know from Your Dear Ones
Surely your surroundings have already hired a property management company and they know much about the function of the property management companies. It is the best way to get some ideas about the property management company from those who know much.
Online Source
Online is the place where nothing is closed. Countless companies have a website and they are talking about their service. So online place is one of the most convenient ones where you may fulfill your imagination about property management. In this online platform, you may also check out the rating and reviews of the property management company to make sure you can choose the best one.
Shortlist Some Renowned Companies
In this stage, you should shortlist some renowned companies after making any decision to go with a property management company. Surely property management companies have terms and conditions and you may also have the same way. Be authentic to explain your requirements and you also read the views of the companies. After getting at a level, you may finalize your decision to go with a property management company.
Learn About the Handling of Their Functions
A property management company truly have different methods and work process to a safeguard of your property. In terms of tenants, it is important to make sure proper screening for ensuring your property gets the most obedient and law-abiding tenants. This type of tenants is helpful for your property as they are not going to be any reason for risk for your property. Additionally, the rent collection method should be fair and effective. The good property management companies surely will stand in the win-win position which means good relations between the property management company and the tenants.
Average Cost Of Property Management Company
The property management company cost depends on the property and which type of property management companies you are going to opt for. Fees may also vary according to location and type of property as manpower and hours are significantly involved in this function.
But it has been found on average between 8-12% of the monthly rental value of the property is charged by the property management company. Additionally, there may be other expenses that may cost $100 or more. But most commonly, property management cost comes with a small percent of the monthly rental payment.
Final Recap
Property management company is really a wonderful solution for leading a hassle-free life. So, there are so many property management companies close to you and you should choose the best one that can take care of your property. This property management companies truly is dedicated to safeguarding your property and they also work to grow the value of your property as well.
Additional Resources