How to Select a Property Management Company
Trying to manage your property can stress a lot. As a landlady/landlord, it is imperative to get the right property management company. This is because a property management company greatly influences how successful you will be with your investment. A property management company does not only manage everyday operations of renting your properties but also ascertains that you are in line with the legal requirements as stipulated by the authorities. Also, the company ensures that tenants are aware of their obligations and that they pay rent on time. Generally, a property management company handles emergencies to let you focus on other things. The growth of the real estate industry has made many companies offer these services and choosing one can overwhelm. Use this guide to choose the best property management company.
Look at the experience. When choosing a property management company, go for the one that has managed properties for years. An experienced company can foresee issues and communicate with landlords as well as tenants. In addition, they have what it takes to solve a problem precisely and faster. Moreover, they know what has worked before and what has failed to apply them means the best for your property.
How does a property management company address problems that are associated with tenants? The best property management companies have a thorough screening process. Before a tenant is asked to sign a contract, the company educates him/her on how they are supposed to behave. This way, misunderstandings, and issues are minimized and when they occur, terms of the lease are used to solve them. If a property management company says that it solves issues by asking a tenant to evacuate without screening the cause of the problem, avoid them as issues will always occur and the root cause will not be addressed. This could lead to tenants avoiding your property.
You should inquire about how maintenance and repairs are handled. A property management company assesses repairs then hires a contractor. However, some companies have their own contractors but they charge higher amounts. This is why you should ask this question to choose a company that maintains and repairs properties with the best interest of their owners at heart.
Put the cost of managing your property into consideration. Fee structures of various property management companies differ. You should request a free breakdown of the services a property management company offers. Ask how much extra fee you will pay if the company maintains your property and when the maintenance is done by another company. In addition, inquire when the company will notify you regarding the cost of repairs that require your approval. Ask about other financial obligations, for example, inspection, license and insurance fees. Compare rates of different companies while looking at their capabilities then make a learned decision.
Ask how a property management company plans to market your property. Among the duties of the company you hire is ensuring total occupancy of your property. Ask a potential company how they go about the marketing of the available properties. A suitable property management company has competent real estate agents who display the available properties on their websites and social media platforms so that they are seen by a large group of people hence increasing their chances of being rented.