Investing in properties is one way in which one can expand their wealth and secure their financial future. However, it is one thing to own properties and quite another to manage them effectively enough to ensure high occupancy. When landlords don’t have the time to personally screen and interview suitable tenants or to do maintenance and inspection of their properties, let alone update themselves on the latest legislative changes in real estate, they will need help in the form of property management companies.
Property management companies these days, help you keep a bead on all the latest marketing trends in real estate. In an industry where the key is to buy when the market is down and to sell when the market is up, you will need the expertise that these companies bring, not just to be able to protect your assets but also to ensure you get back a quick return of investment. These companies provide property managers who ably oversee all the details, including the minute ones that most landlords don’t have the time to take care of, as well as monitor and assess the market for the best rental options.
Hence, in order to choose and eventually be able to hire, the best property management companies, there are several factors that you need to consider, and the first one is company history. Experience is the best teacher as we all know so you must choose a company which has at least 10 years worth of property management experience. These companies, like gcrp.com.aufor example, will have had learned and mastered strategies to ensure you a steady flow of tenants for your properties, be it commercial, residential or high end luxury accommodations.
The next factor you need to consider for choosing the best property management company is reputation. A good reputation is something that is hard to earn and even harder to keep so going with a company that is most recommended by friends and colleagues is something you should do. Remember that relying too much on hype can be a mistake so you need to check out online testimonials and reviews as well, which would’ve been written by current or former tenants so you can make informed decisions.
It may be important to note that not all property management companies are created equal. Some may only be managing 500 units and then there may be some that manage up to 20,000 units. There are some that may be privately-owned and then there are the large companies that you should go for, since this means they will have more than enough resources and manpower to deal with any issues or concerns that can come up. Remember that you need to get a company that specializes in your type of property so that you are ensured of the best resolution.
Of course in addition to making sure that the company you choose has a valid broker’s license and insurance, you will also need to choose one that gives you excellent management rates. Management fees are between 5% and 12% of the rental income. If you own a duplex or a single family home that has low rental income, you may be able to find a company that will charge you a flat rate. Also, you must choose a company that has its own cleaning staff and in-house maintenance to ensure that your property is well cared for, as well as a company that will give you weekly update reports on the condition of your property.