Rental unit owners find property management services extremely useful. Management companies represent your company and act on your behalf to keep your property in great condition and finding tenants. With such representation, you are bound to enjoy high-quality tenants and less legal and financial issues. Your management team takes on the responsibility of vetting applicants and dealing with legal and financial issues.
Affordable Property Management have worked in this area since 1985 and have helped property owners find tenants in over 10,000 cases. They’re experts and know what it takes to do this job well. Here are the essential things Affordable Property Management to keep in mind if you consider having a property management company to work for your rental units.
Go Through Their Track Record
First things first! Before you can think of hiring a property management company, checking its success rate and reputation in the industry is utterly critical. Do your due diligence and know the number of properties the company has managed and how well they do their job. Property managers should be willing to share their success stories in the industry. If you feel that they are shying away from this, pose questions. It may help you uncover whatever they are trying to hide and know if they are worth bringing on board.
User reviews are often deceiving. With the various platforms on the internet, it has become easy for virtually anyone to write reviews for any service or product. Reviews are, in most cases, used as a marketing tool to lure potential customers. Of course, there are genuine reviews out there, and finding such is critical to getting your hands on credible information about a property management company. Find out what other property owners and landlords had to say about the company. Ultimately, reading credible and trustworthy reviews helps you find the right company to manage your rental units.
Check the Vacancy Rates
Well established property management companies may offer vacancy and fill rate information on their sites. It helps property owners greatly as it shows you which firm is adept at managing rental units and which one isn’t up to the mark. A company with high vacancy rates over their years of operation may struggle to find tenants for your rental units and may not be your best option. On the other hand, firms with a record of minimal vacancy rates and long-term tenants are great to work with and are often the perfect choice for your rental units.
Property Management Fees
You will want to find an affordable property management company. Like any other management or consulting service, there are fees associated with working with a property management company to manage your rental property. The common fees include setup fees, leasing fees, advertising fees, vacancy fees, among others. Some management firms will also incorporate an “extra service” fee to cater for other services that may not be included in their list of standard services. It is important to be clear with all the fees involved before signing any agreement with a property management company.
Management Services Offered
The final box to tick is perhaps the most vital. It is important to understand the kind of services a firm offers before deciding to work with them. Such management services could be:
- Property assessment and determination of rental rates.
- Property marketing.
- Tenant selection and vetting.
- Processes of moving in and moving out.
- Rent collection.
- Legal details, evictions, and property inspections.
- Financial services for rental unit owners.
- Property maintenance and upkeep.
You can choose the services that will apply to you when hiring your preferred property manager. The choice of services you get, whether a comprehensive package or one or two services, will determine how easy it will be to manage your property.
Get Property Managers to Represent You
As a property owner, there are many factors that come to play when choosing a property management company regardless of the size or number of units in your property. By following the guidelines provided here, the search process of the right manager gets easier, and you are more likely to hire the right management company for your property.
Is a property management company necessary for you? Most property owners and landlords find this question necessary, and the answer to it is simple. Hiring a management company might be your best bet unless you have years of experience managing properties and the time to get all things in order. Now that you are a little more informed, you can hire the best property manager for your property.