Once you have determined that you need to hire a property management company, you need to know what you should be looking for. Not all property management companies will offer you what you need, and it is important to know this. Knowing what a good property management company should offer you will help you get the help that you need for your property investment.
How Long Has The Company Been In Business?
Property management companies, like all companies, come and go. However, this can be a major problem for you as you will be left in a bind if the company that you choose suddenly disappears. This is why you need to find out how long the company has been in business before you work with them.
A company that has been in business for decades will generally be more stable than a business that has been around for a year. Additionally, the number of years they have been in business will relate to the experience that they have. Decades of experience will always be better because you can rest assured that the company knows how to handle any problems.
The Qualifications Of The Managers
While it is important to know how long the company has been in business, you also need to know the qualification the managers have. You should look for a company that only hires properly qualified managers and is willing to tell you what these qualifications are. Membership of trade associations is also something that you should look at because this ensures that the company is meeting certain standards.
When you look at the qualifications of the property management companies Cincinnati, you will need to ensure that they are up to date. This is important when you look for trade association membership because this can expire if standards are not met or the fees are not paid. You should ask the company for proof of the qualifications or contact the trade association to ensure that the managers do have these qualifications.
The Number Of Properties They Manage
When it comes to the number of properties that the company managers, there is no right or wrong answer. A company that only handles 5 properties may provide you with the same level of service as one that manages 100 properties. What you actually need to consider when looking at the number of properties is the ratio of properties to managers.
An example of this will be two different property management companies that each manage 100 properties. The first company has 10 managers which means that each of them will manage 10 properties. However, the second company only has 5 managers which increase the ratio to 20 properties per manager.
When you are dealing with the second company, the manager assigned to your property might not have the time to give you the best service. You should always look for a property management company that has a low property manager ratio. The small business that you think will give you the best service may not because they are generally going to be stretched too thin.
The Access To The Management Team
Being able to get in touch with someone in the company is important because you need to have all problems handled quickly. The right property management company will be able to provide you with a number of different methods of contacting your property manager. If you cannot get through to your manager, you are not going to have a good experience of rental property.
You should look for a property management company that has invested in good property management software. These companies will have more direct communication with the management team which makes them more effective. More antiquated forms of communication may also be used to supplement the software but should not be the only means of communication.
The Terms Of The Contract
While it is important to look at the property to manager ratio and the access you will have to your property manager, you also need to look at the terms of the contract. The terms of the contract should include the length of the contract, all of the services that will be provided and the cost. If there is anything that you do not understand in the contract, you will need to have this clarified before you make any decisions.
If you are looking for a full-service property management company, the length of the contract will generally be between 1 to 2 years. There will usually be penalties or fees which need to be paid if you want to end the contract early. It is important that these fees or penalties are laid out in the contract clearly. On the other side of the scale, there may also be benefits listed in the contract for when you renew it with the company.
The services that are listed in the contract will vary depending on what you need from the company. Most people will look at a full-service property management company because they will not have to do anything after purchasing the property. However, you have to ensure that all of the services you need at included in the price or if there are going to be additional fees.
Some of the services that you should consider as part of the contract are the finding and screening tenants, preventative maintenance and rent collection. If there are services that you do not want in the contract, you will need to ensure that this is removed from the contract before you sign. If the company is unwilling to amend the contract, you need to reconsider using them.
There are a number of factors that you have to consider when you look for a property management company. The company needs to offer the services that you want and have a good manager to property ratio. All of the managers should have the necessary qualifications and your contract should be clear on what is being offered and the length of the contract. If you are unable to get everything that you want from the company, you should reconsider working with them.