Property management is vital to the success of your real estate portfolio. Whether you manage your properties or an expert property manager takes them on, someone has to be responsible for the daily care of rentals and tenants. Investors looking to grow their portfolio often struggle to scale their investments without a company to handle the property management services, including finding tenants, make-ready, handing over the keys, collecting rent, handling maintenance, and so much more.
Choosing the right property management company in Palm Springs, California, can be daunting. Real estate investors have many factors to consider, and it's easy to get overwhelmed by the options. However, finding the right property management firm can reap significant dividends for your rental investment and build a lasting relationship for you and your tenants. Today discuss five tips that will help you find a reputable Palm Springs property management company that is the right fit for your needs.
1. Get Local Referrals
One of the best ways to find a property management company is to ask for referrals. Talk to other real estate investors or even tenants in the area and learn about the most effective managers in the Palm Desert area. Since you want a property management team that knows the local area, ask for referrals in and around this area.
Professional property managers who do quality work stand out, and you'll find plenty of tenants and rental property owners with input on the good (and bad) options for professional rental management.
2. Pick a Palm Springs CA Property Manager Who Knows the Area
The Palm Springs rental market is competitive, so be sure to choose a property manager who knows the area well, can quickly locate tenants, and understands this community's unique culture. A property manager based in another city might not be qualified for success with Palm Springs rentals or long-distance management.
Make sure your residential property management company can:
Your property manager should be a capable resource to place quality tenants and maximize your returns in the market!
When looking for a new doctor or a trendy restaurant for dinner Saturday night, most people check online reviews. Residents want to know where their friends and neighbors shop, eat and get treatment.
What are others saying about local property management companies? Online reviews can support your work in getting referrals! Check out the reviews on websites like Google, Facebook, and others where previous tenants and landlords left reviews.
Also, check with the Better Business Bureau or chamber of commerce in the area to see additional reviews and ratings. Word of mouth (even online) is one of the best ways to determine if a property management company is right for you. Don't forget to look at negative reviews as well as positive ones. How a company handles the negative reviews can tell you a lot about whether they take care of complaints and what type of issues they deal with regularly.
Aside from reviews and referrals, make sure your rental managers have credentials to verify their experience and expertise. Don't make the error of thinking that a Palm Springs area property management firm is qualified to handle your rental property without verifying they have all of the appropriate professional licenses, certificates, and insurance coverage. Always ask if they have the proper licensing for the state and local Palm Spring areas.
Not all property management companies are the same. A Palm Springs property management company that is right for one investor might not be the best fit for another. Some take a communicative approach to keep landlords advised every step of the way. Others take a more hands-off approach and only get a property owner involved when necessary.
Real estate owners need to decide if they want to be passive or hands-on investors, then find a property management firm that meets those goals or is flexible enough to match their style.
The best property managers minimize vacancy times to help owners make more money! Ask questions about their average turn-around time for getting a property ready to list, rent, show, and get a qualified tenant in the property. Talk about their process of getting the rental home ready and finding tenants. Ask about the screening process and find out how they collect the rent and take care of any delinquent tenants.
Now that you know a few tips to choose the type of property manager you want to work with, the next step is to find one! McLean Company has more than 40 years of industry experience. Give us a call to talk more about our property management services and how we help real estate investors boost returns.