What is a Property Management Company?
A property management company is an organization that is formed in order to take maximum care of and to maintain a property on behalf of the owner of the property. The number of services and tasks they undertake depend on the company, and the choice of the owner.
As a property owner you must do some research before selecting the best property management company. You need to find a company that will take care of your property just as you would. Therefore, to hire somebody to manage your investment can be a great challenge and it’s a massive decision that one has to make. You must look for essential qualities before choosing a company for property management. Some of these qualities are the honesty of the company, the way it is organized, the services they provide, their physical presence in your location, etc.
Generally, most property management companies claim to offer excellent services of monitoring your tenants, collecting the rent on time, and keeping your property attractive and excellently maintained. It is paramount to select the best property management company that will ensure great care and maintenance of your property. A good property management company should ensure that your property is continually rented and increases the value of your investment.
Check for authenticity and legality
For some of the best property management companies such as Propadis to make an informed choice, they need to take into consideration how the management of property works. First of all, the management company should hold a valid license of the state they are located in. This will ensure that the management company is legitimate and legal. You can also link with your state’s Real Estate Commission to see if the company’s blockage license is active. You might also need to know if the company or manager has been accredited by organizations such as the Institute of Real Estate Management and the National Apartment Association.
Check if they are physically available at your property’s location
While considering the best property management company, the cost is one of the most critical factors. Therefore, you should choose a local company which is in the area where your property is located. They will charge lower rather than choosing a company that is out of your area. Online research for management companies can help you locate the best property management company in your area. There are a number of websites that can help. These websites allow you to plug in your property and location and they will produce a list of property management companies around your area. Before moving too far to interview a property management company, you can also check the company’s reviews on social media such as Facebook and Twitter. This will enable you to see what kind of rating the company has.
The management company should enhance your property’s value
A good management company must be able to recommend and suggest ideas for value addition and renting tips to keep your property drawing tenants. The company must be able to keep you updated on the emerging issues on landlord and tenancy too. It should also let you know about the repairs and renovation of the property. It must additionally pay attention to the tenant’s views and implement the important ones.
Inquire and get feedback from past customers
Another thing to consider about a good property management company is how the company offers services to customers and how they relate to it. Good services naturally ensure a good flow of customers.
You should also check the current performance of the company you want to hire. Are they professional, compelling and free of discriminatory statements? Do they advertise in a variety of places, or are they limited to free sources like Craigslist or community bulletin board? You should check the actual properties managed by them before landing on a decision. The properties should be clean and well-maintained in order for you to hire them.
Ensure you have a dedicated property manager and he or she is easily available for communication
Communication between the customers and the company should be very effective since business is of the essence. A good manager should be conscientious about treating people with honor and being able to communicate well with not only the tenants and vendors but also prospective tenants and applicants. For instance, if you regularly try to reach your manager but he/she lets the phone go to voicemail, you should think twice and, if possible, change the manager since this behavior might also extend to current and potential tenants.
The other most important thing about property management companies is the availability. The best property management companies are available 24/7. This means that the company should be ready to handle any emergencies that may arise outside the standard office hours. The company should have at least one of its agents near the property to be managed so as to have a smooth-running relationship. This agent is also referred to as a property manager. They should ensure good contact between him/her and the tenants and vendors. The management company, in essence, should be focused.
Finally, the company should be able to explain the following clearly:
- Setting and Collecting Rent: Here, the management company should explain how they set the rent. The rent should not be exorbitant. It should be within the required range and as per the property standards. The company should also state the means they used in rent collection and set realistic deadlines.
- Property Maintenance and Repairs: The company should assure you on property maintenance and convince you that your property will not be destroyed nor vandalized. They should also carry out repairs and renovations at appropriate times, but emergency repairs should be attended to immediately.
- Property Inspection: They should ensure that the property is inspected at the right time and at a regular interval.
- Tenants Marketing and Retention: The company should be able to market the property, i.e. it should have as many advertising platforms as possible to ensure the total coverage and retention of its customers.
- Handling Tenant and Owner Funds: Here, the virtue of honesty is of the essence. The company should have honest and consistent workers who will be able to handle the tenants and owner funds without fraud.
- Tenants Screening: They should also be able to monitor every person claiming to be a tenant in the apartment. This will ensure the security and safety of both the owner and the other tenants. This will also ensure that no illegal deals are made that may lead to the freezing of the property that is under the company’s care.
Here’s a list of some of the best property management companies that you can begin with:
Propadis: https://propadis.com – We are the best of course! But, we do not shy away from giving you more sources. Your happiness, after all, is most important to us. Here are some more-