How to Choose A Property Management Company in Detroit

rentwell
By Own It Detroit

Is it time? You've invested in Detroit, and you're ready to maximize your cash flow. You have your long-term financial goals mapped out, but getting there on your own feels overwhelming. 

Yes, it's time! Real estate investors who are ready for more and have future income goals need a property manager to help them get where they want to be with their rental properties. Whether you have one or 100 properties, only the right property manager listens to your goals and has the efficiency, professionalism, and experience you need to maximize income and sustain your success. 

How can you find the best Detroit property manager for your needs? Use our expert advice to research and find a long-term real estate investment partner and property manager to handle your rentals and renters.

Black businessman with toy house

Get Local Insight

You'll find plenty of word-of-mouth referrals for a best-in-class property manager. You'll also find plenty of warnings for a property manager that doesn't serve renters or owners well. 

When searching for the ideal property management company to handle your rentals, get local referrals and check reviews. Talk with other investors, contractors, real estate professionals—and renters. An excellent property manager has a good reputation with these groups of people, including renters. If residents don't want to live in rentals managed by a specific property management company, you probably don't want that company caring for your properties. 

Prioritize Local Experts

Managing successful rental properties in Detroit requires knowledge and experience in this market. The best local experts have years of experience with properties and investors. They understand how to: 

  • Find the best renters and what they want in a rental home
  • Keep your properties compliant 
  • Choose local properties that fit your portfolio, including townhomes, apartments, duplexes, and single-family homes
  • Avoid bad properties, locations, vendors, and renters

Even though you don't have to be local to invest in this market, It's tough to be an expert in Detroit without being a local property manager!

Find Out How They Operate

Will you work well together? Real estate investors need professionals they can trust to handle their most significant assets to build long-term income successfully. You don't have to become close friends, but you need a property management partner who works well with you and prioritizes your success.

Make sure they operate according to your expectations and preferences. Ask a potential Detroit property manager about:

  • How often they communicate with property owners
  • What type of communications they use (phone, email, or text)
  • Regular financial updates
  • How they make decisions for your properties (and how they involve owners in those decisions)
  • If they prefer owners to be hands-off or if they can work with hands-on investors, too

Ultimately, how your property manager prefers to work is less important than how much they are willing to customize their operations to meet your needs. While it's smart to allow Detroit property management experts to apply the practices, strategies, and processes they know work best to maximize your income, they should also demonstrate flexibility to interact with you in a way that works best for your style. 

If you want to hear from them once a week, only by text, and involve you in a specific level of decision-making, make sure they can (and will) accommodate your preferences. 

Elevated View Of House Models And Stack Of Coins On White Desk

Explore Marketing Strategies and Vacancy Times

One of the most critical aspects of your success is a property manager's ability to keep your Detroit rentals occupied. They might meet all of your requirements for a local expert that keeps you involved as much (or as little) as you want to be. However, if they don't have an effective marketing strategy to minimize vacancies, they won't be able to maximize your cash flow.

The right property management company:

  • Keeps up with renewals 
  • Proactively markets a property before the end of a lease term
  • Writes compelling listings with high-quality photos
  • Lists available properties on all major rental search sites
  • Sets the ideal rental rate to keep your properties competitive

An expert Detroit property manager understands that empty rentals lead to income loss for investors. We apply an effective marketing strategy that keeps properties occupied for consistent rental income.

Only the Best Detroit Property Manager is Right For You

Settling for an "okay" property manager will get you "okay" results. If you're ready to experience tremendous cash flow for your existing investments (and future additions to a portfolio), only the best Detroit property manager is right for you and your rental properties. 

Own It Detroit is not only a great choice for investors looking for turnkey investments—we're also the smart bet for property management in Detroit, whether you have one property or 100. Our seasoned professionals have the local experience and strategies that investors need to build long-term success when investing in this market. Contact us to learn more about how we operate and why we're the best property management choice for your success!

Get ready for new renters with our free Makeready Checklist!

Download the Guide

Topics: detroit investment opportunities Property Management Company Detroit Detroit Metro Property Management