How To Properly Choose A Property Manager
Not every property management company is going to deliver the same results. It can be a very difficult industry to operate in and even some of the more well-intentioned property managers might be unable to help you properly navigate today’s dynamic rental market. With all the different rental platforms to choose from, are you willing to navigate the complexities of Airbnb and VRBO rental management in addition to handling maintenance companies, cleaning services, plus much more? There are certain things you should look for when you are trying to determine whether or not a property manager is a right choice.
Choose Someone Who Understands Mammoth Lakes & The Lack of Vendors
You should always value local experience and expertise above all else. You want a property manager that is a local expert when you are trying to evaluate the local rates of local neighborhoods, figuring out the optimal places to advertise and to be certain you are acting in accordance with the local and state codes and landlord and tenant laws. Let’s face it, operating a rental in a mountain town like Mammoth Lakes, June, or any other mountainous region can be more difficult than in a big city. We often struggle to find electricians, plumbers, and many more contractors who would be readily available in other areas vs our local area. So having a company who knows people as well as the local area is key to successful property management.
You want to hire a property manager that offers competitive pricing without hidden fees. Hiring a property manager based on price alone is likely to end up costing you when it comes to having heftier maintenance fees, dealing with legal trouble, and from various other costly mistakes they might make. While it might be tempting to save money on your property manager, it can be extremely frivolous compared to the cost you would have to endure from the lack of experience or qualifications. Hiring the right property manager sometimes means paying more for better quality and better returns over the long haul.
Strong Marketing Strategy
You want to ensure that you are hiring a property manager that has a good plan of attack for advertising your property. You want to hire someone that is strong in this area because it can determine the kind of results you are able to get. In today’s market, achieving fast results can be determined by the strength of your advertising and marketing efforts. Thus, you want to be certain they have a strong and comprehensive one in place.
A lot of the smaller property management companies do not have the same clout in order to demand significant discounts with vendors. However, maintenance is one of the most essential parts of managing a property and constantly paying retail prices can drive up maintenance costs considerably. The company you hire should never be forced to pay the market price and any savings they are able to get from the maintenance should be passed directly to you. Along with this, a professional manager should always be looking for ways to prevent maintenance issues, to begin with. Therefore, they should have a strategy in place to provide cost-effective repairs to avoid large scale maintenance issues to keep tenants satisfied and avoid costly vacancy.
Constant Reporting & Updates
You want to figure out whether the property manager is going to be providing around the clock reporting on everything from accounting to rents to maintenance. You want to see what kind of access you will have to these reports, as well.
Fast Owner Disbursements
You want to figure out how quickly you will have access to any and all of your rent payments. Ask whether a direct deposit is an option.
Experience in dealing with the various complexities of property management is key. Residential property management is a very difficult and complex industry that requires managers to have a wide range of experience and skills in a variety of areas including advertising, marketing, leasing, maintenance, collections, accounting, inspections, and legal. Because of this, a lot of the smaller property management companies will not have access to the kind of resources each of these areas require.
You want the property management company to offer cleared monthly financial statements, annual tax documentation, and a centralized place for accounting.
Legal and Regulatory Compliance
Figure out if the property management company has the requisite attorney on staff. That way, you will be certain they are aware of the local and state codes/laws that will have an impact on you as a property owner. You also want to ensure they have experience with handling evictions and collections. Understanding TOT compliance is a must for getting any property listed legally. From smoke alarms, to heater management, having a company who understands the complexities of TOT compliance is a must.
Do you need a company to handle your Mammoth Lakes rental property? Call us today to learn more about how we can better serve you.