Managing tenants living in one or more of your real estate properties is a herculean task that requires lots of time, patience, and willingness to follow best practices for renting, maintenance, and tenant comfort. If you’d like for someone else to handle all the landlord duties for you, a rental management company can relieve you of this burden. Since these companies range in quality, the following guidelines for hiring the best property management companies in Santa Monica are a great way to select top-tier choices.
Property management companies range in size, and you want to find out if it has the capability to take on additional properties. This can be determined by asking what number of employees it has managing units and then finding out the number of units each employee manages on a regular basis. Be wary of companies that stretch employees too thin by assigning too many units to one person. Your property can be mismanaged due to neglect.
They Don’t Compete for Tenants
There are management companies that own properties, and ones that don’t own any properties. You may be tempted to pick the company that owns properties thinking it’s good to hire a fellow landlord. In this case, it’s best to select a company that doesn’t directly compete with you for tenants and management time. Non-landlord companies can focus 100-percent of their efforts on finding tenants for your properties. Alternatively, landlord companies may choose to fill their vacancies first.
Look Closely at Rent Collection Fees
Management companies usually charge landlords a percentage of the rent collected for units. Make sure the company isn’t insisting that you pay them a fee for unoccupied units. It may be hidden in the numbers, so ask for a breakdown of their rental fees. Don’t get tricked into wasting money. Companies should be transparent about their rental fees.
Good Quality Automation
Automation software is used by most property management companies, and the reason why is it makes the management task easier and faster. Ideally, you want to hire a company using the best quality software. When a company invests in great software, it cares about offering a high level of efficiency to clients.
Conducting routine property inspections are crucial to your bottom line. Well-maintained properties attract quality tenants, and you’ll collect higher rents. Find out if the company does routine inspections as part of the general contract, and how often they do those inspections. Some companies charge extra for inspections, and this shows it wants to tack on fees for doing a basic task.
Finding and hiring the best property management company in the Santa Monica area is much easier when you look at the company’s size, the number of employees, the level of experience, reliability, and fairness. Ask probing questions until you’re satisfied with the answers, and you should also feel comfortable with its management style before making a final selection.