This month I was planning on discussing the dreaded eviction process to follow up on my last article of screening a tenant. However, Mr. Dobbins did such a wonderful job last month in updating all of us with the changes in the Arizona eviction procedure; I didn’t want to beat a dead horse touching on the subject again.
I know as most savvy investors we want to find the best deal we can. This is no different when it comes to selecting a property management company. There is no question there is a wide variety to choose from across the valley. The count I last saw was well over 400 and growing. Every company will be set up different and have varied strengths and weaknesses based on what they offer. Make sure you do your homework when it comes to the fees you are paying and what they are offering for those fees. There are a couple of things to watch out for when selecting a property management company.
First is to make sure you are comparing apples to apples. This happens a lot in the insurance industry where we get completely different quotes but for completely different coverage. There could be a management company that is more expensive in there start up fees but could be charging less in a monthly management fee. The long term investor will look at this and realize he will be saving money in the long run. Whatever your plan is with your particular property should help you decide on what is the best fee structure.
Second is to ask about any and all costs. In speaking with investors over the years who have dealt with several management companies, I have heard this over and over again. “I didn’t know there was a charge for that.” Believe me they are out there. Be very careful and make sure you look through the entire agreement before committing to anything. Changing management companies can be a bigger headache than it is worth.
Third is what are they offering. There are management companies that have a huge presence in the market that some of the other smaller companies can’t provide. They can offer incredible online statements, great maintenance pricing, and get that property rented quickly. Sometimes paying a little extra to find that tenant within 30 days is worth every penny. Make sure you are asking all of these questions up front. By the way, if you are not getting a call back right away when you are inquiring with a management company, chances are it will be the same way if you end up signing with them.
Finally is the media. You can find anything you want online these days. Research that specific management company. Unfortunately, in this industry we are dealing with owners and tenants. When the human element comes into play it is impossible to keep everyone happy. Take this into consideration especially with the bigger companies. My suggestion is to ask the company for some referrals for owners and tenants that currently use their service. This will give you a better idea and an unbiased opinion on how they truly treat the customers. At the end of the day there are a lot of good management companies out there and believe it or not they care about your investment. Choose wisely!
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