Tucson has a number of property management companies- variety is good – narrowing it down and picking one is the hard part.
Here are tips when trying to decide on a property manager:
When you call, email or fill out a contact request form – do you get a timely response? If you do, what’s that response like? A generic reply email, no phone call for days, or quick response? Pay attention – how a company responds is likely how they will respond when you are a client.
Ask, “What are ALL the fees to manage my property besides the monthly percent?” Many companies charge, say 7% of the monthly rent. In addition, to that, there is a monthly management fee, and processing fee, and banking fee, etc. So that 7% adds up. Look for all the fees – not just one.
Repairs and maintenance. Ask the company about their repair policy. Owner reserve funds for repairs shouldn’t be more than $250. In addition, many companies will charge the cost of the repair, plus 10%, plus extra for miscellaneous –this is most likely to happen if the company has in house repair people. If you like the company you pick, but don’t like the added-on repair fees- negotiate them away.
Does your property manager own their own rentals? If they don’t – you might want to keep looking. I believe effective property management starts with knowing what it really is like being a landlord AND being an owner!
How long does a company take to get you your money? More than 6 days? Maybe two weeks? The longer it takes to get you your money – the more problems that company might have.
Bigger and more isn’t always better. If you have a company that manages 40 properties over one that manages 200 – who do you think you’ll get better service from?
How does the company or property manager treat you? Do you do the talking – are do they do it all? Is your input considered or are you cut off when you ask for something? Are you frustrated or unhappy when you are done talking to your management company?
At KGC Properties, our goal is “Happy Owner – Happy Tenants.” If you aren't happy, it is time to look for another company.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .