Selecting the ideal property management company can make or break your investment. Fortunately, there are steps you can take to narrow your search and discover the ideal match for yourself and rental property. Start by seeking referrals from friends and colleagues in the business. Additionally, check online reviews and social media pages for insight. Also when searching Google and finding local property management companies in your area check the Google reviews. For example you will find Mark Brower Properties with high reviews on Google with happy customers.
1. Reputation
Reputation is a critical element when selecting a property management company. It can make all the difference in whether or not you get quality tenants and how well your property will be maintained.
Reputation also plays a role in determining the reputations of building staff and engineers, which can impact how much you pay for routine maintenance. Furthermore, select a property management company with strong vendor connections in your area so they can offer materials at competitive prices.
According to The Oxford Dictionary, reputation is “the opinion of others about someone or something.” It plays an essential role in brand and business development – particularly online.
Reputation is a dynamic phenomenon that ripples from individual cognition to social propagation and back again. It has been studied in management, sociology, and psychology.
2. Experience
Experience is an important factor to take into account when selecting a property management company. It provides invaluable knowledge that cannot be replicated.
For instance, a property management firm with experience in your area will be more knowledgeable about what amenities local residents desire, how much units they are willing to rent for and which upgrades will give you the greatest return on your investment.
Additionally, this demonstrates that the firm has the necessary personnel in place. They must be qualified and knowledgeable about local laws and regulations.
Management firms with impressive clients and vendors may be a wise option, but one without proper credentials could make costly errors on your behalf. Check reviews on Yelp and Google as well as referrals with the Better Business Bureau to get an accurate picture of a company before you commit.
3. Fees
When considering hiring a property management company, it’s essential to know what fees can be expected. This will enable you to decide if or not a property manager meets both your needs and budget.
Percentage-based fees are becoming more and more popular, with some managers opting for a hybrid fee structure. Instead of charging you an upfront flat fee, they may instead charge you a percentage of the monthly rent amount.
Fees for property management services can range anywhere from 8% to 10% of the monthly rent collected. Be sure to pay close attention to how the contract outlines this baseline cost and how the manager calculates their fees.
Property managers often charge lease renewal fees when it’s time for tenants to renew their leases. While these costs can be costly, these fees help ensure tenants remain on track with payments.
Mark Brower Properties is very transparent with our property management cost and fees in the Phoenix, Mesa, Chandler, Scottsdale and surrounding areas of the East and West Valley right here.
4. Portfolio
If you own a real estate investment, it is essential to hire the correct property management company in order to safeguard your asset and maximize profits. Your investment property manager should be an experienced, licensed professional who exhibits responsiveness and transparency when providing their services.
When selecting a management company, the size of their portfolio should be taken into account. If you own multiple properties, larger firms often benefit from economies of scale which make it simpler to meet all your demands.
When selecting a property management company, it’s wise to inquire how many properties they manage in your area and if they have an impressive vacancy rate between tenants. This can give you valuable insight into their marketing and leasing efficiency.
If you need a Phoenix AZ property management company contact Mark Brower Properties we provide property management in Chandler, Mesa, Gilbert, Scottsdale and the surrounding areas.
