Deciding to hire a property management company to handle your estate is the first positive step towards making good profit from it. Now here is the second step: finding the right company that provides exactly the services you need. Different companies specialize in different areas of expertise. If you want to maximize the money you pay to them, it is important that you make the right choice. Ask them these five very simple questions to see if they can provide what you need.
Let’s start with the most important question: How much do their services cost?
If they provide an amount that you could not afford, then obviously it’s time to look for another company. However, even if their fee is something your budget can handle, you have to dig deeper because sometimes there are hidden cost or unforeseen costs. Ask them if there are costs not included in the contract.
The second question you have to ask is if they have enough experience and expertise in handling the type of property you have.
This is an important question because different companies specialize in different types of properties. If you want to maximize your profit, it is necessary that your property manager has extensive knowledge for that estate.
The third important question is if they will provide you a dedicated account manager.
The best companies are those that provide you a dedicated manager who can focus on your property. A dedicated manager will know your property by heart and will have the proper, knowledgeable solution to problems that may arise in your property.
You should also make sure that the property management company will handle rent collection, repairs and maintenance of the property.
Let’s face it. What’s the point of hiring property managers if you have to deal with these difficult situations yourself? Also, ask them how you will pay them for these extra expenses; will they deduct it from the rent they collect from tenants before giving it to you? Make sure the arrangements are agreeable to you.
Finally, you have to ask them if they will be advertising your property.
That should be a part of the package because finding tenants is one of the most tedious tasks for a landowner. You have to make sure that the company you choose to manage your property will be able to fill the vacant houses as soon as possible.
Choosing the right company to manage your property is important. Make sure you get the best services for the money you will spend on it. Remember the right company will increase your profits, the wrong one will bring you only losses.
