Today you will find many property management companies which promises to provide great services. People with large property holdings will not be able to handle everything alone. It would really get on your nerves if you are on a holiday with your family and you get calls from your tenants troubling you for trivial issues. That is the reason why people hire these companies.
5 things you should consider before you hire property management companies -
Performance - The primary thing to be considered is the ability of the company to render good service. For this the first thing to be taken into notice is the number of years the company is in this business. This is because there is so much competition around that the one that performs well will only survive. Apart from that the longer you are in the business more experience you will have and you can handle things much better. Property management is not just handling properties but it is to educate your client on how he can earn more from his holdings. The one who has more experience can only guide his client on this route.
Fees - What would it cost you to start this relationship? The first thing that has to be very clear right from the beginning is the monitory structure. Is there any annual fees, what is the monthly amount you will have to pay, advertising cost, commission that you will have to pay if you lease your property etc
Advertising - Right kind of advertising gives good market to your property. So make sure what kind of a advertising the company offers, do they follow up the ad etc. which advertising agency they hire and what are the charges for these ads, is it included in the company charges or you will have to pay them exacta.
Services provided - The following are the minimum services that a property management company should provide
1. Prepare qualified tenant forms should be provided
2. Online services which you can track any time
3. Collect amount from the tenants on your behalf
4. Make proper agreement with the tenant before leasing the property and collect all the necessary fees
5. List your site with photographs on multiple sites to attract customers
6. Inspect your property regularly and suggest repairs whenever required.
7. Answer tenant calls for repairs and maintenance.
8. HOA violations.
9. Recommendations on property rents values based on market conditions.
Maintenance - The biggest question is maintenance. Many times it so happens that NRI's hire these companies who take care of their holdings. Just in case something goes wrong they should take good care of the property in the absence of the owner.
1. They should provide all time access to the tenants for maintenance and repair
2. Use licensed contractor to handle construction issues
3. Give proposal to the owner for approval
4. Photograph's of the property before and after the work is done
5. 24 hrs maintenance service in every holding
A property management can survive only if it provides elite services to the clients. With so much competition around the services needs to be the best to attract, maintain and retain your clients. Property owners who take time to find through answers for the above mentioned points will definitely hire the best property maintenance service provider. After paying good money to these companies if they do not give you results it's a waste to hire them. Through inspection in the beginning can relief you from major tensions in the coming years.
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