January 27, 2022 | Sexton Real Estate Group
If you’re a property owner and are in need of a property management company, it can be tough to decide which one is right for you. There are so many companies out there, each with its own set of services and fees. So, how do you choose the right one?
Here are our five best tips for choosing a property management company:
Tip #1: Research Is Vital
The wrong choice of a property manager can be a costly mistake. You need to find someone who not only understands your goals but is also realistic about what you are trying to achieve.
If you hire someone who does a mediocre job, you may find yourself having difficulty getting top price for the sale of the property. That’s why doing your research and hiring the right company based and the more research you do beforehand, the better equipped you will be when it comes time to sign on the dotted line.
- Check the consumer review forums to see if any complaints have been made against a property management company. If so, let this influence your decision when looking for potential candidates.
- Remember that not all consumers will go online and post a review out of fairness. In situations where there is no information on the internet about a particular service, there might still be comments on social media.
- It is always best to ask for references from people who have used the services of a specific property management company before. Knowing at least 3 will give you more insight into how good they are compared to others that are available in the market.
- It is also helpful if you can find out about the type of properties they manage, how much experience they have, and if they are available 24 hours a day.
Tip #2: Check Your Budget
Look for property management companies that will fit your budget. If you do not want to be spending more than necessary on their services, then it is best to find out what types of packages are offered by each company, what these packages include, and how much they cost.
Some property management companies have different levels of service at different price points. For example, you may pay more for a 24-hour response time versus a 12-hour one. You can also inquire whether or not the property manager will be working onsite or offsite.
Tip #3: Stick With Local Property Management Companies
A local property management firm is going to have a great deal more knowledge about the properties and landlords in their area. They will know all of the statistics on a specific neighborhood, what types of buildings are being built, and which ones are for sale. Having a business that is locally based means that they will be aware of any large changes happening within the county.
Having a local firm means that they have strong relationships with landlords in the area and can be trusted when issues arise, whether it’s someone who isn’t paying their rent or a tenant that is causing problems within the building.
Tip #4: Make Sure They Are Licensed
By law, property management companies must be licensed in order to do business. The license ensures that property managers have the training and expertise needed to properly manage properties for investors and landlords.
A recent study by the National Multifamily Housing Council found that 95% of multifamily renters are impacted by poor property conditions, including pest infestations, leaky roofs, mold, broken appliances, and more.
When property managers are properly trained in state-mandated best practices for their industry, they will be able to protect your property investments by identifying these issues before tenant turnover occurs. This is why it’s so crucial that they are licensed through their respective State Real Estate Commissions.
Tip #5: Property Managers Who Are Organized And Efficient Are A Sign Of A Solid Firm
Hiring a trustworthy property management company is a big deal. The best companies bring technology and organization to the table, allowing for back-end support that makes your life easier as a landlord.
The right real estate company can help you organize tenants, track rent payments and take care of maintenance issues online. Many smaller property managers have minimal experience with major repair work outside of appliances and other easily replaceable items. There’s nothing wrong with this approach if savings are the main objective – but you may want to find someone who offers 24-hour emergency service so there’s no downtime when you really need it.
Managing residential or commercial rentals is a difficult business that often has early mornings and unexpected challenges – and you’ll want to be sure the team you choose is ready for anything at any time.
If you’ve been looking for a property management company, we want to make sure that you find the best possible option. We know how frustrating it can be when you don’t feel like your needs are being met and there is no one else to turn to. That’s why we have provided 5 tips on what may help some of our readers with their search today. With all these great insights in hand, go ahead and call us! Our team would love the opportunity to talk about some more details and see if Sexton Group Real Estate Property Management might be a good fit for your situation too. Trust us – this process will get easier from here!
Do You Need a Property Management Company You Can Count On?
The top real estate agency in Northern California, Sexton Group Real Estate in Berkeley, California is a boutique real estate company specializing in residential sales for properties throughout the San Francisco Bay Area. To better serve our clients we have three local offices, one in the heart of picturesque Berkeley, one near downtown Oakland and the third in the heart of historic Lafayette, California. The Sexton Group encompasses the essence of Berkeley’s charm, Oakland’s history and Lafayette’s family-oriented vibe all with a relaxed, down-to-earth nature. We are an amazing group of real estate agents whose wealth of experience spans more than 25 years in the industry. Looking to buy a home in Contra Costa or Alameda County? Contact us today for your free consultation!