Managing rental property can be a lucrative business venture, but it also requires a lot of work and skills you might not have. Turning your property over to a company for management can be intimidating but sometimes it's the best solution. It can really make it so you don’t have to worry as much about your rental property while still earning income from it. Here are some tips for choosing a property management company in Bakersfield.
Try to Stay Local
You’ll want to try to stay with a local property management company in Bakersfield, CA. They’ll have a strong knowledge of the market in your area. They will also know any relevant laws in the area that might affect your business. They will also have trusted relationships with the area's repair businesses. Real property management in Bakersfield, CA will help you the best. It's clear that staying local is important in your search to have a positive experience.
Get Referrals From People You Know
You’ll want to get referrals from people you know. This could be your real estate agent or a friend or a neighbor. But then you need to do the research. Look up reviews on Yelp, Facebook, and Google. Yes, sometimes people vent on these sites after a negative experience but it will give you an idea of the business. You can also check the Better Business Bureau to see if there are any complaints there. You want to get help from word of mouth but don’t rely on that solely. Look at the reviews to make sure people are having a good experience with this company.
Decide on a Large or Small Firm
There are many different property management companies. Some are large and some are just a single person. So which is right for you? You might worry that with a larger enterprise you’d just be a number while with an individual you won’t get all the services you might want. Think about what you need as the owner of the property. Also, be sure to hire a firm familiar with residential properties and not just commercial ones. They’ll be more able to handle anything that comes up.
Know What Services You Need
If you are hiring a property management company make sure you are getting one that can do all the services you require. You should be getting full service that can provide:
- Marketing
- Applicant screening
- Documentation
- Inspections
- Rent collection
- Accounting
- Maintenance
If you are looking at purchasing real estate as an investor choose a company that can flip and sell properties as well.
Make Sure They Have a License
There may be licenses required in your state for a property management company. This can be required of property management companies that find tenants, create leases and collect rent. You should always make sure any company that is handling an import investment such as your rental property is properly licensed to do so.
Trust Your Gut
Making a decision on a property management company can mean that you need to trust your gut. Take a look at how they are online and offline. Do they market themselves in a professional way? If not how can you be sure they will market your rental property? Make sure to have a face-to-face meeting with the company before making a decision and think about some good questions to ask.
- How are your management fees structured?
- Do you raise rent yearly?
- How do you screen possible tenants?
- Does your company have a license for property management?
- What kind of services do you provide?
- How many properties do you oversee?
After you have met the management company how do you feel in your gut? What is your comfort level with them? If you were a tenant would you want to rent from them? Do you feel comfortable leaving your rental property in their control?
In Conclusion
Making a decision on a property management company can be stressful. You want to make sure you find a company that offers the services that you need and is a business that you can trust with your rental property. Put in the extra effort to research companies as this can mean the difference between having a poor or positive experience.
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