As an owner of a rental property such as a single family house, apartment, or duplex, you know for a fact how difficult and challenging it is to effectively manage it. If it really was easy, then there should be no reason for property management companies to exist, right? But since these companies are out there, it only means that the demand for their services is quite high. And since you are reading this article, we bet you also are planning to hire one, right?
Anyway, let’s be over with the introduction and begin discussing the things to consider when you’re about to hire a property management company.
1 – Pricing
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Obviously, everything starts with the price. The cost of hiring a property management company isn’t cheap and you of all people should know that. Well, if you really want to save money for this kind of investment, then you might end up hiring a bunch of people who are incapable of managing your rental property. But then again, you still must be wise in choosing the right company based on price and you can do this by considering the offered overall costs over a period. Also, be careful with companies offering outrageous upfront costs but couldn’t really fulfill their promise of giving you high quality service.
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2 – Maintenance Service
Although there are several different things that make up property management, it’s no secret that the most important of all is how they are able to provide you the best maintenance possible for your rental property. You should focus on hiring a company who has the best offer in terms of the possibility of increasing your investment property’s value while they manage it. Talk to them about the process of maintenance and the people who will be doing the bulk of the maintenance job.
3 – Transparency
Obviously, you only want to work with a company that values total disclosure and transparency. What this means is that the company must disclose everything about the way they plan on handling every aspect of their job, instead of playing the guessing game. Be reminded that although they are the tasked and responsible of managing many aspects of your rental property, you still are the owner of it.
Those right there are just three of many factors you are to consider when hiring a property management company and you must do your homework to learn what the rest are. Keep in mind that hiring one is a huge investment on your part, so you can’t mess it up.