How to Choose the Best Property Management Company for Your Needs

If you are a homeowner, real estate investor, or property developer, you may find managing your rental properties a daunting task, especially as you start adding more properties to your portfolio. Managing properties from out of state or remotely can also pose its own host of problems.

This is where working with a property management company can help. A property manager handles the day-to-day tasks of finding good tenants, collecting rent, maintenance, and repairs. However, enjoying hassle-free property management rests on choosing the right property management firm.

If you’re looking to find a property management company and aren’t sure where to start, here’s everything you need to know to make the right choice.

How to Find Property Management Companies

1. Ask for Referrals

Asking your friends, family, or a trusted real estate agent is a great place to start when asking for referrals. Not only will the referral be credible, but you’ll know you can trust the information provided because they probably have personal experience having their property managed by the company.

2. Check Reviews Online

By searching online, contacting your homeowner’s association (HOA), or requesting information from a local business bureau, you can compile a list of reputable rental management companies to consider. Ensure the companies you choose have stellar online reviews and ratings that attest to other clients’ positive experiences with them.

3. Compare the Fees

Property management fees may vary from one company to the next depending on the services offered while managing your rental property. Some companies charge a flat fee for their services while others may have fees associated with a wide variety of different service offerings, including a property leasing fee. The common phrase is “the most expensive mistake you can make is to hire the cheapest manager.”

4. Check Each Company’s Licenses and Certification

The property management company you choose needs to employ licensed property managers because they’re acting legally on your behalf to lease and manage your rental property. You will also need to verify what the state requirements are in terms of licensing and certification to ensure the company you contract with is complying with all legal requirements.

5. Read the Property Management Agreement

There are different agreements that cover various aspects of the services the property management company offers. These range from the hiring process, repair and maintenance, termination procedures, rental rates, and more. Make sure to ask the relevant questions about each section so you don’t encounter any surprises later on.

How to Hire Property Management Companies

1. Narrow Them Down

Once you’ve done your research and narrowed down your top two to three picks, you can start your hiring process.

2. Inspect Properties Currently Managed by the Companies You’re Interested In

It is always a good idea to inspect one or more of the properties your top picks currently manage to get an idea of just how good their property managers really are. Pay special attention to how well the property is maintained, whether there are outstanding repairs, and, if possible, whether the tenants are happy with the way the property is being managed.

3. Organize Interviews

Interviews with the companies you’ve shortlisted are vital to get a general feel of how your potential partners operate. If you are considering hiring a manager for your property, you probably have some questions to ask. These should include:

• How are properties advertised?
• Are there fees when a property is vacant?
• How do you determine monthly rent?
• What is your screening process for potential tenants?
• How long, on average, does it take to find a tenant?
• What will be required from the property owner during the tenant selection process?
• How are repair and maintenance requests managed?
• How do you manage late rent payments?
• Should a tenant be evicted, what will the process be, and does the property owner need to be involved in the process?
• Do you have specific property managers for different types of properties like single-family homes, condos, retail spaces, office buildings, or commercial properties?
• What sets your property management company apart from the rest?

How Genuine Property Management Simplifies the Process

Genuine Property Management is the leading property management company serving the greater Orange County area in California.

We are proud to be recognized as one of the most innovative and value-driven property management companies in the county and aim to maintain a long-term, quality, respectful, and honest relationship with residents and property owners. To achieve this, we go beyond simply finding quality tenants and involve our expert team in every part of the property management process, from handling maintenance and repairs to collecting rent.

If you are interested in hiring the services of a property management company that will go above and beyond to treat your property as if it were their own, contact Genuine Property Management today for all your property management needs in Orange County, CA and surrounds.