What Should You Look For In A Professional Property Management Company?
For landlords who have plenty of properties to rent out, managing them overall becomes a rather difficult task. These landlords can instead relieve themselves of extra stress and burden by hiring a Property Management Company which can deal with the tenants directly such as pursuing evictions etc.
Landlords may have trouble dedicating so much time into dealing with property related issues, and may even live far from their rental property. As such, it is best that they hand over their worries to a Property Management.
However, there are few factors that should be considered while hiring a Property Management Company which indicate whether or they are suitable for you.
A ‘good’ Property Management Company will ensure to:
1. Have Years of Experience in the Field
You would not want to entrust your precious property in the hands of a newly established Property Management company because these will not have the experience or knowledge to render quality services.
As such, in matters of Property, it is best to hire a Property Management Company which has been operating in the domain from a long time such as City Property Management which is well-known too.
2. Provide You Monthly Statements
Monthly statements are a must to be provided so that you can see the livelihood of your investment property. These are usually issued between the 1st and the 10th, and all proper Property Management Companies send you these to keep you apprised of the happenings.
3. Answer Your Calls and Emails
It is crucial to maintain contact at all times, which is why your hired Property Management Company should always be available for you to answer your queries.
4. Clarify Their Fee Structure
If a Property Management Company is not discreet about their fees, then it means that they are probably not confirmed about the fee structure themselves. They should be open about their fee plans, and let you know what pricing they will be charging for their services.
5. Screen the Tenants
Since it is crucial to ensure that your property is in safe hands, Property Management Companies should definitely screen tenants before giving them the property for rent. The screening includes criminal history, credit history, landlord-tenant verification etc.
Do check if your relevant company screens the tenants before transferring them the keys to your property.
6. Use Software for Data Management
Since it is the digital era, a majority of the organizations have implemented the usage of software for organizing their data as well as for invoicing and plenty of other tasks. If they have properly organized their data such as the tenant directories, the accrued bills, the invoices etc. then they will be operating in a much more efficient manner.
Do check what kind of software is used by the Property Management Company, such as if they have a custom proprietary software or not.
7. Have Contacts with Maintenance Vendors
Property Management Companies which are established and have been operating from a long time tend to have access to maintenance vendors. These Maintenance Vendors are necessary to be in coordination with, because they will repair any kind of maintenance issues in your property and keep it in a top-notch condition.
8. Provide You End of the Year Accounting
A Professional Property Management Company will definitely provide you with End of the Year Accounting outlining all the income and expenses (landscaping, appliances etc.) While this is only done once a year, it is crucial so that you can present the statements to your Accountant and add them in your books.