When you are a property owner, having a professional to assist with property management is important. Properties are not easy to manage especially when you are on your own since it is difficult to handle everything, from the laws related to property management in an area, fees, among other requirements by the state.
Hiring an ideal property management company is not as simple task due to the risky nature of property ownership. The property management company makes decisions on your behalf; therefore, you will be endowing your property to a company and will want to verify whether they are trustworthy.
Being a business where you expect an income out of it, the property management company should be well experienced to make the property sales rise. Here are tips on what you need to pay attention to when hiring a property management company.
How do they intend to market your property?
Find out more about their marketing strategies, checking whether they have enough resources for the services that you will need. Companies that do not have resources would expect you to do your own advertising which might cost you a fortune. Furthermore, how do you advertise when you no knowledge on how it’s done?
Check the number of properties they manage taking a look at previous property ads for professionalism and their market range. Do they only do online marketing or even on the ground using community bulletin boards? Visit and compare different management companies and settle on one that you are comfortable with.
Their fees and charges
Check the different fee structures offered by different property management companies. Some have information on their websites, but in case it is not clear, get a clear explanation from one of the property managers.
Carry out a proper research on the current market rates of different properties as well as their service charges and what’s included in the payment. With an estimate in mind, you should be able to know if you can afford it or not.
How do they address property related matters?
The first thing to note before hiring the services of a property management company is how they communicate. Communication is key when addressing any person, especially a client. They should be able to communicate effectively, listening and addressing any raised concerns amicably. Their responses should depict some seriousness to determine how they will handle tenants.
Find out their policies with regard to maintenance expenses and rent collection. Check whether they can address matters related to replacement purchases, but get authorization from you before proceeding. This way you can handle other issues and delegate others to them.
Rent and debt collection policies such as expected payment time and means of payment should be clearly stated. They should have clear policies on the submission of outstanding debts to avoid future misunderstandings.
Their property inspection policies and reports need to be well written and placed, for example, twice a year is fine. Check the properties they currently manage to see if they are clean and well maintained. Judging by their policies, you will be able to determine if they will be the best fit or not.
The Orange County property management provides a full-service with a wide range of options in different cities. Give them a call and get an overview of their services and fees.