While most first time homebuyers spend a huge amount of time researching on the property market and the different neighborhoods when thinking of purchasing, few actually ignore the role of a property manager without knowing that he can help them maximize their income and preserve their property’s capital value if they would like to lease out the home.
Choosing a property management firm based on fees alone is a costly mistake. Others think that they can do it alone, which is not true. Property management is much more than just rent collection. Here are some questions you should consider asking before hiring any property management company Santa Monica.
Does your firm have licensed property management staff?
Most firms will set glamorous sales departments but end up leaving the management of your property to receptionists and front desk staff. Check to see if the company has a property management department with qualified personnel.
Is the owner or managing broker of the company involved in the daily management of the operations?
Check to see who is involved in running the daily operations. Agencies with an active involvement of a property management department take issues more seriously compared to those with both sales and rental departments.
How long have you been working in real estate?
Before hiring any brand name agency, it is crucial to check how long one has been working in the industry. Some started out at the entry stage and rose to become property managers, while others chose property management as their career. You should hire someone who knows what the process entails and is passionate about it.
Furthermore, you just don’t want someone who is here for one minute, the next he’s gone. You need someone who will learn what your property is all about and stability should be a key factor when selecting a property management company.
Do you have samples of leasing documents?
You’ll find that some firms will go out and look at your property and say they’ve got it covered without any evidence. Choose someone who presents you with a written proposal as this depicts that they are serious about their work and that they value professionalism.
Do you attend property showings with prospective clients?
In some cases, the property management agency may just hand out keys to tenants and let them inspect the property on their own. In such a case, the security of your property may be compromised. Contract a company that takes the time with the tenant as this gives them an opportunity to know who the tenant is.
How many properties do you look after?
A property manager who has too many properties to look after may not be ideal as they may not give attention to your property as you would like them to. Choose an agency with a considerable amount of properties they manage. They may charge a little more for their services, but in the end you’re guaranteed of higher returns.
These are some of the questions you should have in mind when interviewing a property management firm. Ask for testimonials and any case studies they may have. In the end, it will be all worth it.