Before you choose the right property management company I would like to review the top five issues that plague companies that manage properties. In this post, I’ll go over these issues so that you know whether hiring a Property Management Company to run your business is the best option for you.

Problem #1: Lose Control of Your Property

It is a long process of studying, analyzing the market, making offers, getting denied, and then finally closing on the property. The majority of people manage their own property for several years prior to looking at property management. Even if you’re an uninitiated landlord, your home is very significant to you. What is the best way to transfer the keys and be confident that the company will handle it as well as you do? Reduce this issue by conducting investigation:

● What do customer reviews (BBB, Google, Facebook, and YELP) have to say regarding the business?

● Network and inquire from other investors what they have used.

● Do some research and speak with at least three companies prior to making a decision.

Problem #2: Expensive Maintenance

If you employ a property manager, you’ll witness your maintenance expenses rise. It doesn’t matter if your firm has its own maintenance staff or contractors from third parties. It’s more costly than if you take on the task yourself. Self-managed property managers could replace an electric light bulb or repair toilets for only the cost of the parts. A great property manager will employ an insured and certified contractor, who will charge you for both labor and parts. But what you’re not taking in the calculation is the time to

● Take a drive to the shop…

● Buy the item…

● Drive to your home…

● Fix the issue…

● And then drive back to home

To aid you with this problem, try asking you these inquiries:

● Are the additional costs of maintenance worth spending more than I do in the course of my daily life?

● Do I have to factor in the cost of maintenance in my investment, and still earn money?

● What should I do on the front end of the vehicle to avoid the need for additional maintenance?

Problem #3: Poor Communication

The majority of clients we take on who came from a different company has this issue with their previous management company. The keys are handed over on the day of disbursement, and when you return the only quarter of the rental amount is credited to your account at the bank. In your account statement, you will find the charges for management, lease charges, and a few work orders.

It is possible to understand the communication levels of property managers by asking the following questions:

● What times during managing my house will you be able to communicate my information to me (new tenant, moving out rental not being paid, or a new job order)?

● What are you going to do to reach me (email or text message, or even a telephone call)?

● How do I get hold of you should I require access to (cell phone or text, email)?

Problem #4: Hidden Fees

Companies that manage property are paid by a variety of revenue sources. The majority of companies also provide various services available so that you are able to choose the way you’d like to manage it. It’s not a one-time event such as when a real-estate agent purchases or sells a property. It’s fine so you are sure that the company is able to disclose the charges to you and you’re ready to pay for the charges. For example when your property manager does not disclose a fee for annual inspections this could disrupt your plans.

The property management company you choose to work with is likely to be able provide the following answers for you.

● What are your management and renewal or new lease charges?

● Do you have any other ancillary services? Are they available?

● What other expenses will I be able to expect from your company during the administration of the property I own?

Problem #5: Undecipherable Accounting and Reporting

If you’re an investor or an accidental landlord, you must be aware of the numbers. When a management firm can’t offer you an annual report or a year-end accounting that’s easy to read and understand then don’t hire the services. There’s a simple solution to this problem. Request in advance the owner’s statement as well as their year End Report. You should also not employ a property manager who does not provide access to an online portal where you can view the details of your property in real-time.

Vairt.com Provides an opportunity to invest in real estate by diversifying with Hotels and Short Term Rental Assets with the potential to generate income and grow in value.

Vairt is a crowdfunding platform for investing, tokenizing and liquidating real estate assets through Blockchain. Once you are ready to make an investment, you can make an investment in less than 2 minutes. Sit back and relax as your property gets funded. Vairt analyzes property Investment Opportunities using a 100-point proprietary screening tool and independent third-party market data to assess the investment attractiveness of each property. We give you the opportunity to invest in real estate for as little as $5000. All properties on our platform are listed for 30 days to give investors ample time to raise funds.

Comments to: Which Problems Are Facing the Property Management Companies?