Mike Bjorkman explains that It’s not simple to find a good property management company to look after an investment property.
ANTA CLARITA, CALIFORNIA, UNITED STATES, February 9, 2022 /EINPresswire.com/ — It’s not simple to find a good property management company to look after an investment property, as Mike Bjorkman notes. There are a lot of companies that promise to look after a landlord’s interests, but only a few of them provide the kind of care that is deserved. Here are some of the characteristics and services that one should look for in any property management company one decides to hire.
No Set-Up or Sign Up Fees
“The process of initially hiring a property management company should not be prohibitive,” Mike Bjorkman says. Sure, everyone needs to make money, but a signup charge shouldn’t be included in the deal. Their “administrative” costs are wrapped up in their cost of doing business. Although one should expect to pay a percentage of the rent amount for ongoing monthly services, continue the search if a property management company tries to charge simply to sign on with them.
Coordination of Maintenance Services
Some property management businesses merely inform their clients that the septic system needs to be flushed or that the front step needs to be fixed. A good property management company will go above and above to organize those repairs and maintenance services, then follow up to make sure they have been completed. Don’t work with a property management company that doesn’t actually take care of maintenance services.
Ask the property manager to handle the marketing for prospective renters if that is the choice. Although this may not be included in the regular package, it should be provided as an option for busy landlords who don’t wish to spend their valuable time marketing the property in-between leases.
Stay anonymous as a landlord if you so wish. This entails having a property management company collect rent payments so that one never has to disclose a personal mailing address to tenants.
Direct Deposit Payments
After rents are collected, the property management company should be able to send rent payments via direct deposit fast and efficiently. “This is a small service, but it is one that some property management companies still do not provide,” Mike Bjorkman explained.
Monthly and Yearly Financial Statements
Receiving monthly and yearly financial accounts from a property management company, which cover income and costs for each property for the year, is highly important. This is a level of service that one should expect from any reputable property management company that one is considering.
Screening of Tenants
Look for a property management company that offers tenant screening when needing help finding renters. Access to criminal and background reports, as well as credit checks, should be available. This ensures that the renters who live in the property have satisfied minimum requirements.
Don’t settle for less when it comes to finding a property management company to look after real estate investments. Receive the above-mentioned services at a minimum. Look for one that provides the aforementioned services at standard regional rates, which is between 1% and 3% of the monthly rental rate set.