Real estate investments are a sound way to make your money work and gain value in time, however, they also demand a lot of time and attention from you. The admin tasks are many: you have to vet prospective tenants and show the property, collect rent and deposits, resolve tenant issues and so much more – the paperwork adds up quickly the more properties you own, and some management help is always a good thing.
Then there’s the physical aspect of the real estate asset or assets themselves: seasonal property maintenance, preventative checks of systems and equipment, and even emergency repairs.
Vacation rentals bring their own set of needs: they must be kept pristine, advertised constantly, and revised after every use to ensure they remain in top conditions.
It’s no wonder that many property owners turn to a property management company to help them sort out all the many jobs related to the rental and upkeep of their investment properties.
How do I choose the right property management company for me?
There are several factors to consider when choosing a property management services provider. For instance, the type of property: is it residential property? Commercial? A vacation property? They all have different needs. Then there is the location to consider, the management style, and more.
Type of investment property
Commercial properties are subject to heavier use and foot traffic, and therefore they need more frequent maintenance. Rental homes have a very different kind of tenant, and you want to be able to respond to inquiries and complaints quickly to keep those tenant relationships agreeable. The more satisfied your tenants are, the longer they will stay, and the better your position will be when the time comes to renegotiate terms and increase rent prices. Also, a reputation as a good landlord will make it easier to rent your property should it become vacant at some point in the future.
Location of your property
Consider the location, size, and usage of the property: is it in Oklahoma city? In a vacation destination? Abroad? Make sure the property management company you choose has teams local to where your investment properties are located, so they can respond quickly in case of an emergency repair.
Vacation properties can be difficult to keep full – the right property management company will already have advertising and marketing strategies in place and a portfolio of potential customers, so your vacation rental can stay occupied and keep making you money. The logistics of renting to vacationers are very different from longer-term rentals, and you want a property manager who has experience and success handling properties like yours.
Property management style
Finally, decide how hands-on you still want to be, and how often do you want to hear from your management company. Some property investors want to keep a constant eye on maintenance costs and the like, while others prefer to out-source the day-to-day aspect of managing properties. In either case, make sure the company you choose agrees to communicate and consult with you as often as you want them to.
