Managing rental property can be a daunting task particularly to an investor with myriad properties to be managed. Landlords experience a lot of challenges in their effort to manage the properties. Some of the problems/ challenges include;
- Default of payments from delinquent tenants.
- Tax evasion lawsuits from the government
- Scams directed to the property owner by some tenants as a result of improper vetting and follow up of new and existing tenants.
- Increased turnover rate of the tenants from your premises due to late responses to emergencies and repairs.
- Loss and misplacements of crucial financial documents owing to the large numbers of properties the property owner is managing.
Owing to these apparent challenges, it is not surprising that more and more property owners are opting to call on property management companies to manage the properties on their behalf. Having a reliable property management company in Langley could ease your management burden and reduce your cost of operations significantly. The property management company will be making crucial decisions on your behalf pertaining to your property management. Therefore is prudent to be meticulous in the selection process to ensure that you select the company that delivers the best solutions to your property management challenges. Here is what you consider if you are shopping for a property management company in Langley.
1. Responsibilities and representation
This could be done through examining their management agreement in detail. This agreement should entail the duties or the services rendered by the company. You should only pick a firm that meets all the minimum service requirements needed for a successful rental business they may include, marketing for vacant rooms, maintenance services, management and proper screening and monitoring of tenants within the premises.
2. Evaluate the company’s current work.
Evaluating a company’s current work progress is crucial in order to establish how qualified the firm is to handle and manage your property. New firms with no prior work contracts are not suitable for big clients with vast property investments. In addition, you could interview some of the tenants residing in the rental properties managed by the firm in order to review the policies enforced. More so, whether they meet customer’s satisfaction in matters such as repairs, eviction, and property inspections.
3. Mode of rent collection
A good property management company in Langley should have a simple but efficient and timely mode of rent payment. One of the methods could be the use of online payments which are fast and convenient. Traditional methods of payments such as the use of checks could be slow, time-consuming and give room for delinquents who may use bouncing checks hence thwarting your financial plans. Most importantly, the firm should provide the most suitable channel for money transfer to the property owner.
4. The frequency of property briefings by the management firm.
The property management company should be able to provide you with timely updates on your portfolio such as maintenance, turnover rate and the number of occupied houses.
5. Charges charged for the services delivered.
Getting an exact amount of the money charged for the management services before signing any committing agreement is important; it allows the property owner to verify any additional miscellaneous charges that may accrue.
While selecting a property management company in Langley, you should pick one that is government licensed and have a team of professional managers who will ensure efficiency to managing your property.