When looking for a property management service, you will come across many options in your area. Many companies provide almost similar services at different prices, but quality can be a big differentiator. The right property manager will help in minimizing the expenses while adding more value to your property.
Follow these tips to find the right property management service.
1. Check their Experience
Ask a property management service how long they have been in business. Experienced property managers will not require much time to fill vacancies. They will also have all the knowledge of the current housing laws. They will have a network of licensed contractors and vendors who can deliver quality in a cost-effective manner without wasting your time.
You should also ask the company about the number of units they are currently managing. Make sure they are into it full time and that you are not dealing with a property manager who is doing this as a side business.
2. Knowledge of Local Area
Look for property management companies that have good knowledge of the local area. Ask a property manager about the school zones and all the local factors that can affect the rates. A good manager will be able to provide you a detailed evaluation along with an idea of rates without even seeking the property. They should also know about the transportation facilities and local amenities available in the area. If someone is not familiar with the local area and the key factors affecting the rates, look for another company.
It will also help if the property management company’s office is close to your property. This will make it easier for them to manage it. They will be able to meet contractors and vendors, find tenants, show the property and manage all other aspects of property management without any difficulty or delays.
3. How do They Handle Maintenance?
Make sure that you choose a property management service that can quickly respond to emergency maintenance requirements. They should be able to respond immediately if there is a plumbing issue in the middle of the night. The right management company will maintain a small fund for handling any emergency repairs. This amount will be paid by you. Ask them what steps they will take to ensure that the costs remain under control.
Also ask the property management service how they will evaluate your property for damages and repairs whenever a new tenant comes or the old one leaves.
4. Evaluate Their Professional Relationships
Better relations with vendors and contractors can help in addressing maintenance and repair issues quickly and in a professional manner. So you should also find out about the professional relationships of a property management service before you hire them.
The right property manager will have long-standing relationships with licensed, insured and reputed vendors. Ask them if they will provide multiple quotes or will they themselves determine the contractor for any major project. It is also important that repairs shouldn’t provide any revenues to the property managers. Working with licensed and insured vendors and contractors can further help protect your interests when their employees are working on your property.
5. How Much Will they Charge You?
Typically, property management companies make money from their clients by charging a management fee and leasing fee. Many companies also charge renewal fees. You should get all the details of the fees in the agreement. Find out if there are any hidden or extra fees. Some companies may charge extra for evictions, maintenance and promotion.
When hiring a real estate company you should be prepared for the transition. If you are managing everything yourself, you should be both willing and ready to hand over the control. You should also ensure that the property management company will do everything for you. If you are going to pay them, they should take over the control and manage everything. It is extremely important that you hire the right service that saves your valuable time, resources, and money too. It should be them who handle your tenant calls in the middle of the night and not you. So follow these 5 tips to find the best property management service that can run things smoothly and efficiently.