What to Look For In a Property Management Company

A few factors come into play when looking for a property management company. After all, not everyone’s situation merits the same services. For example, an investor with a multifamily home dwelling may require a more involved company. At the same time, a first-time landlord may only need a property management company to fill their vacancy. 

Each case may require different services. Below are a few elements to consider when looking for a property management company.

Company Reputation

Although a company can claim to be the perfect fit for your needs, be sure you know their reputation. If something looks too good to be true, it may be. A good property management company should be able to provide references and testimonials from the properties they manage. Clients who are happy with their services offer a great insight into how well a property management company does its job. It's also important to know if the company is local. This can help resolve issues that may arise in a much quicker fashion.

While this is a great start, it's essential to verify the authenticity of the testimonials. It's best practice to take a bit of time and research the company yourself. This can help you to confirm the reviews from clients. Visiting their social media pages and websites also allows for determining a couple of factors. You can learn their specialty, such as condos, luxury apartments, multi-family homes, or single-family homes. It also provides an excellent opportunity to read the reviews left by the community they manage. This can be a greater determining factor when choosing the right property management company for yourself.

Hours of Availability

This may be a “no-brainer” for some. Nevertheless, you must understand the hours your property management company needs to be available. Managing emergency maintenance can be challenging, significantly, when you’ve expanded your portfolio. Frequently, when you need them the most is when companies are typically closed. Consider an accidental puncture of a water pipe in the evening, which will require immediate attention. If unchecked, severe water leaks can cause thousands of dollars in damages.

Knowing the property management’s availability hours can help you know when you’ll be required to be reachable. Some full-service property management companies have up to 24 hours of availability in case of emergencies.

Services Offered

Not everyone needs a full-service package to fit their property’s needs. That being said, the more services a property management company offers, the more choices you have. Once again, this is dependent on your personal needs and portfolio. Some services a property management company can provide include:

• 
  Security Deposit Disposition
• Collections and Eviction Coordination
• Repair Requests and management
• Year-end Owner Tax Statements
• Statements Forwarded to Owners Regularly
• Rent Collection
• Client and Tenant Support

While only some clients may need every service provided, the more options a client provides, the better their experience can be.

Cost and Value

A property management company should never be viewed as a cost. Instead, it should be viewed as an investment. If at any point you realize the services provided no longer hold value to you, it may be time to upgrade your services or hire a new property management company. 

A property management company should allow you to invest your time in relaxing with friends and family. Alternatively, it is a service that allows you to invest your time in expanding your real estate portfolio.

You should receive high-quality and efficient services based on competitive pricing and maximizing your return on investment (ROI). They should provide effective management tenant approval and proficiently navigate local laws.

If you require a new property management company or are unhappy with your current one, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.