Owning a commercial property can be seen as a great way to earn some passive income. However, a lot of real estate investors may be overwhelmed by the amount of responsibility that comes with it.
About 70% of rental properties are owned by individual investors. With such a large amount of properties owned by individuals, you can imagine that they would benefit from hiring property management services to help them.
What should these owners look for? This guide has some tips on what stands out.
Reviews and Testimonials
One of the first things you should look for is the reviews and testimonials that these services have. Some businesses make their testimonials available on their websites.
Typically, these reviews and testimonials come from current or past customers that were satisfied with the service. It can let you know that people had positive experiences with this business and it can give you a better idea of what stands out about this company.
An example can be having a property manager that goes above and beyond with customer service. Or, a property manager that is very efficient about getting maintenance issues fixed.
These tend to hold a lot of weight when it comes to trying to gain new customers. That is because 88% of consumers tend to trust online reviews.
So, the more positive reviews and testimonials that a property management company has, the more credibility they tend to have.
Consider the Cost
You have to remember that property management companies are still a business. Because of this, they are going to need to charge you fees to stay in business.
However, it is worth shopping around to get an idea of what you are going to be expected to pay for this service. If this cost is a concern to you, set a budget and try not to pay more than that budget.
Do not automatically commit to the cheapest company though. If one is a lot cheaper than others with similar services, there tends to be a reason for this.
Normally, that means that this company does not have the best reputation. As a result, you could get inferior service from that company.
Think about how important the quality of service is for your property. Then, sit down and see what you can realistically afford to spend on this service.
Use Property Management Services
These are just a couple of things that you need to consider if you are looking into property management services.
Reviews, testimonials, and even referrals should give you an idea of the experience that past customers had with this service. On top of this, you need to know how expensive this service is going to be and make sure you get the best value for this service. That can mean avoiding the cheapest company.
Do you want to know more about this service? Message us here with your questions.