It’s totally normal for an intelligent and creative person to handle more than one project. This is what some people do; especially those who have a strong passion for their community. If you are this kind of person and you own a rental property (or properties), it’s no doubt that you need to hire a property manager. They will help you make things a little bit easy and faster so you can have more time and energy for other projects or things that you wish to do. But, before you choose a manager for your property, take note of these important suggestions first from our team who have years of experience in handling clients and running effective management programs.
Before you decide to hire a company, the most important thing is to know the company’s background first. Make sure they have a website that clearly documents their services and history of accomplishments. The secret is to choose a company that has a team of dedicated staff that truly value clients by quickly answering questions and listening to their concerns. In this way, you can establish a good bond of trust and confidence for your business because you can effectively and properly communicate with them.
The next thing is to make sure that the company is truly efficient in its services. In dealing with the maintenance issues, for example, ask them to know how they handle problems and why it is effective. Do not just passively listen to them explain their type of service, ask questions, and think more about possible challenging scenarios. Then, make sure that you can reach them anytime there’s a concern. In doing this, you have to make sure that all of their contact details such as email, mobile number, and landline are functioning. Always remember that your renter needs immediate response when a problem arises in his or her unit.
Another important thing to understand is the company’s system of collection. Make sure the company has a very good accounting system so that expenses and budgeting can be managed properly and no financial problems will arise once you’ve started to work together. Of course, the rent is very important for the life of your business therefore make sure there is a consistent flow of money not only for the maintenance of your property but also for its profit. And so, make sure the company you are going to hire has a firm system of rent collection. For example, having a very convenient system of money transfer or additional payment to be charged for late fees or whatever necessary actions; anything that could resolve so that your business will not suffer.
Finally, to truly protect your property, you must make sure that the insurance is covered by the company, including the errors and omission insurance and worker’s compensation insurance. These are very useful because these things will protect your business from any forms of legal consequences, unnecessary penalties, and other kinds of issues such as possible court payments and legal settlements that can surely hurt your investment. Anyway, there you have it! These are just basic things to secure before you hire a property management company as it will help put your business in an advantaged position.