Choosing a property management company is always a crucial decision. This choice can either make or break your investment. All companies claim that they offer the best services in the city. Here’s a few things you should know before hiring a property management company to partner with.
1. Always check their license
Like any good landlord, always check the company’s professional property management license. As an owner, you wouldn’t want to entrust your property to a company that is not registered with the California DRE (Department of Real Estate).
2. Ask for their current and previous property listings
A company with an outstanding reputation is always a winner in our book. Keep in mind cities such as Santa Monica, Beverly Hills, and W. Hollywood are different than Los Angeles in general, you will need a local expert or an expert in all these cities. Ask questions such as what kind of properties they’re currently managing. This way, you’ll have a better idea if they would be a good fit for you.
3. Check out their reviews
Reading a company’s reviews on Google is very beneficial when you’re making your decision. Their reviews will give you an insight into the company’s professional credibility and efficiency.
4. Ask about their competency
Research or speak to a company’s representative. Ask specific questions about the services they provide such as property inspections, tenant screening process, tenant marketing, turnovers, repairing processes, lease renewals, evictions and collecting rent etc. This will show you how well they know the property management life cycle.
5. Inquire on their fee structure
Most property management companies have different tiers for their fee structure. You will need to ask for their terms and conditions along with the difference between each type of tier. Ask important questions such as: Can a party break the contract anytime? Do they have hidden fees such as early termination fee or mark-up on maintenance? And so on. Many clients are looking for the lowest fees but you normally get what you paid for which is an overworked property manager!
Find the best company that compliments your needs. Once you find a reliable property management company that you can partner with, you will be more confident in having them take over your property.
Jesse Sasomsup is the President of Earnest Homes, one of the most highly rated property management companies in Los Angeles.
