Blog Post

Questions you Might Have About Property Management Companies?

Dustin Edwards • Feb 23, 2023

The Importance of A Good Property Management Company

When looking for a property management company, it's natural to have questions to see if they are suited to your needs. Asking the right questions increases your chances of finding an efficient, reputable, and distinguished property management company. Below are a few questions you may have about property management companies before hiring them.


What Services Do They Provide?

The first question that comes to mind is what services do you provide as a property management company.


A
full-service property management company should be able to provide all the services needed to give you peace of mind. This means providing monthly reports of maintenance or repairs, support for tenants and owners via email, phone, or online, year-end owner tax statements, collect rent, collections and eviction coordination. One of the most important questions you can ask before hiring a property management company.


Do Property Management Companies Find Tenants?

Finding good tenants can be a delicate process. It's well known in the industry that long-term tenants are highly sought after, as this can significantly improve your bottom line. It should not only be important to find tenants for your vacancies. However, a property management company should be able to find the best tenants available. This means having a screening process to make sure only the finest tenants are contacted. This means finding tenants who can pay on time, have no prior evictions, and have a clear history to be considered.


Do Landlords Call Prior Landlords?

Vetting references is important when looking for tenants. Landlords will collect rental references from interested tenants through the application process. Many landlords will want a comprehensive background check on the applicant's tenant. This will include calling the tenant’s references. Fake references will result in a rejection of the application.


Why Do Property Management Companies Get Terminated?

Terminating a property management company involves not providing the promised services or a breach of contract. Some owners aren't sure when it's time to switch property management companies. Entering into a property management agreement means the property management company represents the owner of the rental. The property management company becomes legally responsible for managing the property.


A bad company will be called a “rent collector” by the tenants. This usually means the property management company has poor response times and awful property maintenance practices. They generally lack knowledge of the local laws and ordinances and often lack the resources to provide vetted tenants and deal with legal litigation.



What Are The Signs of a Good Property Management Company?

There are many ways to see if you’re dealing with a quality property management company. However, there are some key elements to keep in mind. Professional relationships and good communication are important for both the tenants and the owners. Though having good relationships with tenants is important, maintaining professionalism is critical. Ensuring policies are in writing and well communicated to each tenant can eliminate miscommunication between tenants and landlords.


Low vacancy rates can distinguish a good property management company as well. Making sure the vacancies are filled with quality tenants is equally important. A vacancy rate of 3% is ideal and considered a healthy representation of the market balance between tenants and owners.


A good property management company will also have the resources to provide a complete proof leasing agreement and have legal knowledge of the area where the rental property resides.


A property management company should be a time saver and investment asset.
Understanding what property management companies charge can help you decide whether or not you need one for yourself. If you need help finding the right property management company to hire or need help deciding if you need a property management company at all, consider calling us at (562) 888-0247, or feel free to fill out our free rental analysis to see what your rental could yield today.

Share this post

By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
By Dustin Edwards 19 Apr, 2024
Communication is key to maintaining good relationships with clients. However, there are several ways to communicate, so we intend to give you the best methods we've explored.
By Dustin Edwards 10 Apr, 2024
If you're thinking about how much different managing condos are from single-family homes, look at these top 5 reasons.
Show More
Share by: