Three Tips to Keep in Mind When Hiring Property Managers
Property management is an important aspect of owning rental properties. You want your properties to be well managed to ensure tenant satisfaction and investment profitability. Professionals who specialize in property management in Glendale, CA exist to reduce vacancy rates, find the right tenants, and keep your properties in prime condition. But, because there are many of them out there, it pays to know exactly what to look for. The following are some tips you must keep in mind when searching for a property management partner:
Ensure they are Transparent
As a property owner and investor, you put serious trust in your property manager when you hire them. You don’t want to end up with a manager who will collect rent and does not report it or one who charges work that wasn’t done.
To minimize your risk of ending up with the wrong property manager, take your time reviewing reviews for the property management company you are looking for. The best companies have many satisfied customers who are willing to recommend and write positive reviews for them. Also, you can speak with a company’s previous clients to better understand its transparency. The best company posts its prices and services on its website or marketing materials.
Ask About Their Maintenance Capabilities
Often, maintenance is the biggest expense that you will encounter and you don’t this aspect to be mismanaged. The right property manager has an in-house maintenance department, a turnover crew to get units ready for advertising, and full-time maintenance personnel. A property management company that usually uses subcontractors may not be able to ensure quality, keep prices down, and enforce deadlines.
Make Sure the Company Exclusively Focuses on Managing Rental Property
A lot of companies have many responsibilities. Real estate brokers, agents, and even contractors will usually try to add a property management practice to their core business model. These are property managers you don’t want to partner with. Property management is a challenging profession to excel at and trying to do it as a side business can just lead to below-average performance. Find a property manager who owns rental property themselves and is mainly focused on property management.