When you own a property and want to employ someone to take care of it, you may be very apprehensive.
- Will they do a good job?
- Will they use good quality products to maintain my property?
- Will they abide by the rules?
These will be some of the questions running through your head. It is all but natural to get worried.
This is why we have here a comprehensive guide to help you choose the best property management company to ensure your property is well taken care of.
How To Select
Here are a few tips to help you make the best choice of all the property management companies available around you. You need to pick the one that suits your needs.
- Experience
When there are numerous such players in the market, how can you know who is better than the other? You need to first look at their experience.
A well-experienced company that has been in this market for a while can do wonders for your property.
They will know what the various possible issues could arise in your property. Their experience in dealing with such situations will help them handle yours with ease. It saves you a lot of time as there will not be any trial and error methods.
You will save a lot of money too. There will be no need to redo things. The property manager, with his experience, will be able to guide you well.
- Reputation
Look for a manager with a good reputation. Check around your area, find out from neighbors. When they do a good job, people will recommend them. This way, you will be able to choose the best and get the best services possible. Your property will be in good hands.
The manager also has a reputation to maintain. So, in case of minor glitches, they will handle it without a fuss. It can save you a lot of energy and time. You won’t have to worry about your property constantly.
- Contract
Read the terms of the contract properly. Look for a manager who offers a good contract. It should be ideal for you at a reasonable rate. If a company tells you that is how it works and there can be no deviation, you can always choose another. Ensure you select a company that offers a clear and reasonable contract.
- Services Offered
Some property management companies offer a bundle of services. When all services are included, a lot of things can be done with just one company. You won’t have to find a person for each type of work.
Some of the services you can look for are:
- Maintenance
- Cleaning (includes garbage removal)
- Paying bills (water, electricity, etc.)
- Collecting rent
- Finding tenants
- Checking paperwork
- Vacating tenants in case of disputes
- Plumbing
- Electrical
- Repairs
When you find a company that offers all or most of the above-listed services as a package, your work gets done easier and faster. You don’t have to coordinate between service providers. You won’t have to negotiate or spend time away from your other work either.
- Market Presence
Choose a property manager who has a good market presence. Check around to see who is the biggest manager around. Who maintains most of the property in the surrounding area.
A company with a big market presence can offer all services at a much lower cost. This is because they will have deals with the service providers. Since they are regulars and can provide a fixed amount of work, they can get the services for a much cheaper price.
The more places they take care of, the better for you. You will also get first-hand feedback about these property managers from neighbors.
- Team
Do they have an in-house team to do all the work? Do they have good tie-ups? When everything is done under one roof, there will be coordination.
If you want to get your house ready for sale within 2 weeks, getting all the work done on the house by multiple teams can be very complicated. Not only will it require you to coordinate, but there will be a blame game, delay tactics, etc., all of which you don’t want to endure.
- Efficiency
An efficient team can save you a lot of time and reduce your stress to a great extent. Many managers have great teams under them. However, if they cannot manage them efficiently, there is no point in you employing such a property management company.
Find someone who can do it all efficiently, without extra expenses or time. It can be a real-time investment for you when it comes to your actual asset – the building.
- Rapport
It would be best if you had a good rapport with the person in charge. They should know what you want and what your expectations are. Unless you can communicate easily, there will be a mismatch between the expectations. It can lead to a lot of disappointment.
- Clarity
Ensure the property manager is clear in what they can do for you. Be it the contract or vouchers; they ought to be clear.
Conclusion Finding a good property management company is essential to ensure your building or property is well maintained at all times. There is no point in letting it rot now and repair later. Sometimes it could be too late, and you will end up spending a fortune