How to deal with property managers?
Having a good property manager that takes care of every single worry you may have during a tenancy is going to not only give you peace of mind, but boost your profits immensely. There are a number of things that can often go wrong during a tenant’s stay in your property; problems can occur way before the tenant even moves in. This can range from something minor like a light fixture needing to be replaced to something long, complex and challenging like eviction procedures. Investing in solid quality property management services can actually save you a lot of money on unforeseen costs you had no idea even existed.
Quality Property Management Services
A great Orange County property management company will use their qualified expertise and experience to notice all the blind spots you as the owner is not aware of. This way, you can enter into a lucrative agreement with your tenant with minimal to no risk.
> Property Walkthrough
One of the most important things to notice when searching online for “property management near me” is the availability of walkthroughs with the property management company beforehand. Make sure to assess the process to help you assess the quality of property management. The following list examines what is required from a successful walkthrough of the property.
> Document everything
High quality property management services involve documenting absolutely everything. This does not just extend to inventory but marks on the walls, anything that is broken and issues to the external structure of the property.
> Contingency plans are everything
Having a backup plan is essential. Walkthroughs could uncover big issues to a rental property that might make you think twice about whether, or not, to invest. You may have already bought the property, and find quite a few issues that will setback tenancy as the property does not meet legislature required by the state. A quality property management company will be able to give you options in response to either situation.
> Keep the place clean
Making sure that the property is always maintained and kept in great condition is the role of property management experts. To help identify everything within the property, as well as on an aesthetic level, the property needs to be very clean. Property Management Services need to be on top of this, so you can conduct everything involved in an easy manner. It is also a key so that you are able to pinpoint any potential issues within the property as easily as possible.
> All issues reported
Being on top of all issues from tenants, ensuring they are reported and resolving them in a timely manner is instrumental in a good Orange County property management company. You do not want to be made aware of a leak six months down the line and then have not only handle the fixture of the leak itself, but also pay thousands to fix a now prevalent mold issue.
Whether or not you have a certified property manager, one that provides all the points above will determine how valuable they will be in managing your property throughout an entire tenancy. Additionally, for a quality property management service, you should not be required to pay a rate that will break the bank! Affordable property management is available across Orange County and they should be incredibly valuable. A good property management service is supposed to help your lucrative investment grow, not eat away at any profit you make.
Poor Property Management Practices
Bad property managers will charge more than 10% and be unresponsive. Unresponsiveness extends to many aspects of the property management service. Some of them are:
> Not inspecting the property thoroughly
Doing a once through without properly inspecting every corner of the property is a telltale sign of bad property management services. As mentioned above, a lot of detail and care needs to go into the walkthrough alone, therefore a property inspection should be even more thorough. Any potential issues need to be identified and resolved immediately as a result of a property inspection.
> Lack of Communication with Tenants & Landlord
Having great tenants is every Landlord’s dream. The property management company should be around to help bring great, reliable tenants to your property but more importantly, they need to be the first point of contact for your tenants. If there are any issues, the tenants should always have property management experts on hand to help resolve problems quickly, efficiently and cost effectively. Lack of communication can be detrimental to the successful running of a rental property, and having the inability to resolve tenant issues and communicate this with the Landlord is completely unacceptable.
> Lack of Availability
To meet for a property walkthrough, organize an inspection with builders or have availability to screen potential new tenants and take them on a flat viewing, a quality property management company should be ready to commit to the appointments at any given time. Of course, it is not expected that they will just drop everything and run to the beckoned call of the Landlord, but if they are noticeably unavailable, change to another company. A required skill from any property management company you sign up with is flexibility and if they lack in this, and you do not feel valued as a client, it is likely they are not valuing your property either.
Owning a rental property can be a huge financially rewarding investment. However, to nurture this investment and ensure it grows for a substantial amount of time, a lot of care and effort must be devoted. Obviously, with a career or a family, dedicating so much time towards a rental property can be implausible, which is where property management services come in to play. A qualified and experienced company should already understand the significance and importance of your property and treat it as so.
Be sure to do your research when looking at property management services for your rental property. Having a great working relationship with a team that is trustworthy, hands-on combined with years of experience and a passion for the industry will pay off when your property is in tip top condition and your tenants are comfortable and satisfied.