Hello, Santa Cruz property owners! If you are here, you are looking for a company to help manage your investment. Great decision!
A great Santa Cruz property management service provider not only takes care of the rental place but also handles many things - from finding/screening tenants to handling legal compliances.
Now, the sad part: Not all companies work the same way. Some manage all aspects of property management, while others offer limited services. Homeowners often do not consider a company’s services and regret it later. Similarly, property owners make many other mistakes when hiring a professional for property management in Santa Cruz.
Here, we’ll discuss 7 of the most common mistakes and learn how to avoid them. Let’s begin.
Ignoring A Manager’s Limited Local Market Knowledge
Let’s be honest: Not every professional in the industry makes efforts to stay updated with local real estate market trends. However, having the latest knowledge of the local market is necessary.
It is good to check their local knowledge when looking for a property management company in the region. For that, you can ask them questions, like:
What’s happening in the industry?
What tenants are interested in?
What’s the current rent scenario?
These questions will help you understand whether or not the professional can handle your property.
Prioritising Low Fees Over Quality Service
While choosing a professional with a low price may look good, paying attention only to the fee is not suitable for your goal: To get a good income from your property while keeping it in good condition.
It may compromise service quality and can lead to several difficulties in the long run. Some lower-fee companies offer fewer services, leading to maintenance issues, tenant turnover, and delayed requests.
Rather than focusing only on the price, you can assess the value of the property management company. Consider the company's range of services to keep the property in good condition. So, paying more rather than compromising the property's quality is good.
Neglect Tenant Screening Procedures
A tenant screening process is a part of maintaining a property. Do not hire a professional whose portfolio doesn’t include tenant screening.
When looking for a company, review its services and ensure that ‘tenant screening’ is part of its portfolio. This will help you screen potential tenants based on their rental history verification, criminal history, and credit checks.
Overlooking Maintenance and Repair Procedures
Maintenance and repairs are the two most important factors in property management in Santa Cruz. Due to the coastal area and weather conditions, several challenges can arise. Reputable management companies provide good maintenance services, including timely repairs and routine inspections.
Professional and experienced companies also conduct preventive maintenance to avoid major issues and ensure the property remains in good condition. Before selecting a Santa Cruz property management company, make sure you check whether or not they have both maintenance and repair services.
Not Checking Reviews and References
We live in a technology-friendly world where you can get information on someone without moving an inch from your home. You can harness the power of technology to hire the best professionals to take care of your rental property.
Go to Google or review websites to collect information on a property management agency. It will help you know what people think of a company and its services.
Conclusion
Now, you know the most common mistakes people make when looking for or hiring someone to take care of your property. Keep these points in mind and find the right professionals to manage your property when you can’t. All the best!
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