If you have an income property from any length of time, you know that managing the rental can be financially profitable. But, on the other side, you also know that property management requires a lot of commitment, time, and effort.
Of course, you need to follow the do-it-yourself approach if you are near to your property and don’t mind devoting hours every month, in most of the cases, it’s not practical. And that’s when you need a property management company!
How do you know that your property management company is best and will not overcharge you? But before, here are some good reasons that explain why you need a property management company:
They Have Expertise In Handling Tenants:
Responding to tenants is one of the most time-consuming things of having a rental property. Residents are quite demanding, and sometimes they expect a lot, but the key to keep them happy is to provide whatever they ask.
They ensure you get timely payments of rent: Property managers use various different web development solutions to ensure that residents pay rent on time. Whether it’s the credit card payments or e-transfer, they ensure you get your complete payment. Further, property managers also have web-based portals, which you can use to send automatic reminders to delayed rents.
Offer Improved Maintenance:
From minor repairs to the preventive maintenances, property management companies like property management oklahoma city it can handle all maintenance issues with ease.
Effective Marketing And Advertising:
Property management experts know where to market your building to get the right audience for it. Moreover, they can craft compelling advertising collateral to quick rent your home. Their experience offers a competitive advantage to quickly fill units and minimizing vacancies.
Now that you know how a property manager can help you, here are few things to check before you hire them. These key points will ensure your property management service will not overcharge you:
High Credit Card Fee:
High credit card fee is a really popular expense that the property manager is passing to the homeowners. So, if your property manager is charging you this, ask them to stop. Since they are already making money from the commission or extra fee for every booking. This also means if a guest is paying $200 per night, your property manager is taking a commission of at least 20-30% from that book. Which means, credit card business expense if not considered and should not be passed to the homeowner.
High Monthly Recurring Fee:
Property managers take a recurring fee to pay for things like batteries, light bulbs, trash bags, dishwashing soap, room deodorizers, remote control, and more. And for all such things, they charge huge bucks, which is not justified.
When hiring the property manager, make sure you spend a lot of time interacting with them. Keep in mind that they will represent you to your tenants, which means their attitude will be very important. So, if you find an unpleasant demeanor, don’t let them spoil your name.
Hours Of Availability:
Property management business is not a fixed-time job; instead, it’s a profession where emergencies can happen any time. This means your property manager should be up for emergencies around the clock. Also, property managers that are not working on weekends will cost you more because of the lost rent for keeping the property vacant on the weekends.
Ensure that you are paying a correct administrative fee to know that your property management company is not pocketing the late fee. So, keep an eye on what you are paying for as sometimes property management companies take minimum charges that clients don’t expect.
Are you paying for something that your tenants should be charged for? Take this way: if your tenant has flushed something and has clogged the plumbing, then they are responsible for the loss. As a result, the property manager should get reimbursed for the services. If this is a situation, make sure that property management company is charging from the tenants for the service.
How much time your property manager takes to get back to you? Test how much responsive your property managers are to your tenants by calling them after working hours. Check how they deal with your tenants and see what services they offer you. Also, check that your tenants won’t get an answering machine when they call for late-night emergencies.
Past clients and testimonials are a great way to gauge upon someone’s work; and with a property management company, they make the best evidence to ensure you are hiring the best. If your property management company is not happy to talk about past clients, you are taking the risk of their work.
So, those were few things you need to check to ensure you are not fooled by your property management company!