How to Hire the Right Property Management Company
Hiring the right property manager is make or break in the real estate field. A lousy property manager will not only cost us money, but may land us in trouble with the county over broken laws and regulations.
It is essential to choose the right property manager and do our due diligence to ensure the person we hire does not water down our investment.
This article provides tips and advice on hiring the right property management company in San Francisco and what to look for and ask during the process.
Talk to Friends and Other Real Estate Owners for Referrals
We can start by talking to our friends, family members, or other homeowners, especially those who have been in the real estate industry for a long time. They have likely experienced disappointment and learned through the process.
Referrals are a powerful tool to help us land the right property management firm in San Francisco. When you receive a referral, this means the company has been tried and tested and can save us from making the wrong investment. Referrals will also help us identify those property managers we should avoid.
Work with the Same Firm That Handles Leasing
Choosing a property management firm that also handles the leasing process minimizes the number of people tenants have to go to for help and typically shortens the amount of time required to resolve an issue.
Leasing companies with property management skills are likely to provide better service, thereby ensuring full occupancy. When tenants feel understood and more confident that their issues will be resolved, they are likely to become more satisfied tenants.
Ensure the Company Can Address Your Specific Property Needs
Not all properties are the same. And not all property managers are the same.
Identify in advance all the particular services you need in a property manager. Then check with the company to ensure you hire people who will provide the type of service you need with the kind of quality you stand for.
Write down your expectations and spell out the most critical aspects. For example:
- Collecting rent
- Resolving tenant issues
- Timely answering of tenant questions
- Ensuring quality customer service
- Marketing strategy
By assessing our needs and asking the right questions, we can determine if the property management company fits our needs and can effectively handle our particular clients. It is essential to meet the employees to ensure they represent the brand properly and have what it takes to grow the business.
Visit Some Properties They Manage
By visiting properties managed by prospective companies, we can gauge the type of service received, talk to tenants to see if they are satisfied with the service, and identify their response strategy.
The visit also ensures we get correct testimonials about a company and ensure that they meet our standards before giving them the job.
Take this opportunity to gauge if they have a sufficient workforce to respond quickly to crises and tenants’ grievances. Analyze the quality of their customer service, and make an informed decision.
Check Licenses and Certifications Offered
By checking for proper licenses and certifications, we ascertain that the company we hire is certified and recognized by the state. In doing so, we ensure that we are on the right side of the law..
It is vital to ensure any agreement written on behalf of the company and tenants is binding and ensure that we are working with people recognized by the state. By working with licensed property managers, we are more likely to ascertain quality services as well as proper and prompt conflict resolution. All of this ultimately helps improve the likelihood that our property is occupied.
Some certifications we should look out for include:
- Real property administrator certification
- Accredited management organization
- Certified property manager
Property managers who have these credentials rubber stamp their knowledge and expertise, assuring us of excellent service and business growth.
Consider Local Presence and Reputation
Companies with a substantial local presence represent a vast number of properties and are better able to leverage economies of scale. These companies also offer better services by having in-house experts who can respond to emergencies faster.
A strong local presence indicates that the company will have an excellent working relationship with most local vendors, thereby ensuring they can carry out maintenance at fairer prices and resolve issues faster.
Locals are also more likely to rent houses managed by companies they know and trust from a previous engagement, which helps secure higher quality tenants.
Have In Person One-on-One Interviews
After crafting a shortlist of the best recommended and researched property companies, it is important to meet these prospective companies. Find out if the company is dynamic, passionate about its work, and has the work ethic to seriously manage your project.
We can ask questions and use this time to understand their goals and the level of drive they are likely to demonstrate. After all, what better way to evaluate a potential partner?
Having a sit-down will enable you to better understand the terms of engagement and help negotiate payment details to ensure you receive quality service at the most affordable price.
Conduct Thorough Research
There are various companies in property management throughout San Francisco. However, hiring the right one involves carrying out proper research:
- Decide what type of vibe you want your place to have
- Research how different companies carry out their duties
- Analyze their strengths compared to your needs
This information will help you identify a company with the best collection methods, terms for tenant agreements, and typical day-to-day management of the property.
Conclusion
By engaging a property manager, the property is likely to appreciate in value because of excellent customer service. When tenants are treated well and issues are resolved in a timely manner, word gets around and you attract more financially sound tenants.
The right property management company will help run your property professionally and drive profitability and efficiency.
Click here to learn more about solutions for your Property Management needs. Or call us now at (415) 346-8600.