Managing multiple investment properties can become burdensome, especially when you own various locations subject to different rules and laws. Hiring a property management company can provide the necessary resources to take care of your property’s upkeep, and tenant occupancy allows your property to remain profitable. 

Ideally, you’ll want to hire the “Best” property management company, though this can be subjective. Below are a few items to consider when looking for the “best” property management company.

Personalized Service

One of the best examples of a good property management company is how personalized its services are. Many companies will sell you service packages that only fulfill the minimum amount of work as described in their agreement. In contrast, the best property management companies will tailor their services to your needs. They should understand your availability and communicate accordingly. The communication style can be tailored to your needs through calls, texts, or emails. They should make you feel as though you are a priority client. Even if you’re new to real estate or are expanding your portfolio, you should feel important.

Occupancy

You should ask property management companies about essential items about occupancy. Questions like how long are your properties vacant or what is the average tenure of their tenants provide important information about the property management company. Vacancies can be a severe problem for owners, directly affecting their bottom line. 

Great property management companies should be able to inspect, repair and fill vacancies efficiently and quickly. You should ask about the method they use to market the vacancy and their vetting process for new tenant applicants.

Value of the Rentals

Good property management companies should be able to disclose the average rent increase they get for the owners. Raising rent is one of the key ways to steadily increase your bottom line. You should ask about their average rent value and how they analyze yearly prices to ensure optimized income. This can be a difficult question for some companies to answer as they would require the resources to be able to know all the county and state laws involved with increasing rental prices. It’s well understood that California has some of the strictest laws when it comes to housing, many of which are designed to protect the tenants. A great way to see how the property management company approaches rent increases is by asking them to provide samples of their lease agreements.

Reputation

A company’s reputation can help you understand what you’re capable of. The internet is crucial when searching for the best property manager. Check reviews from other owners and tenants with which the property management company works. The last thing you want is to be sold to a company for the tenants to feel like all they do is collect rent and not fix anything.

Reviews can also highlight whether or not the company goes above and beyond for its clients. Do they have exemplary service while being cooperative? Do they ensure items get taken care of regularly without the need for your involvement? 

The best property management company should feel like an investment on its own, giving you the freedom of time without worrying about whether or not your property is being taken care of properly. It's meant to let you enjoy your free time or invest your time in other projects, such as improving your portfolio.

Finding the best property management company to suit your needs can be difficult but not impossible. If you feel like Beach Cities Management is the right property management company for you, consider calling us at (562) 888-0247, or feel free to fill out our free rental analysis to see what your rental could yield today.