Real estate investing can be a great source of passive income. However, managing a rental can require a lot of time commitment that you may not be up for. At this point, the benefits of hiring a property management company become clear, but how do you choose the right one? Because your rental property is one of your most valuable assets, you want to work with a trusted property management company. Here are some important steps to take when finding the best property management company.
You trust the judgement of your family members and friends, so ask them for a recommendation on a property management company and how their experience has been with the company.
Do your research online! Google "Property Management Company in Bangalore" and visit their websites. Their websites should include information about their property management services, fees, team members, experience, and awards. A company that regularly publishes blog posts, social media posts, etc., will give you insight into their rental market knowledge. A company that has received multiple awards from reputable businesses will convince you that they are recognized as a reputable business in the city.
Look at the reviews of a property management company. What are their current clients and tenants saying about them? Reviews should give you insights from both sides of the property management service. How do they treat their customers vs. how do they treat their tenants? If they have negative reviews, check if the company has replied with a comment. Their response will provide valuable information about how they handle stressful situations and their customer service.
Next, contact the property management company and arrange a meeting with one of their agents or property managers. Often, property management companies offer free consultations. Ask them how well they know the rental market in your area, particularly in the neighborhood where your rental property is located. How will they market your home? Are they licensed? Do they provide tax services to non-residents? How do they handle repairs and maintenance?
Review Their Agency Agreement
Check out all of their property management services, fees, and procedures. Some property management companies charge an all-inclusive management fee, while others charge a lower management fee with additional surcharges for services like inspections and maintenance. Knowing what fees to expect will help you plan your budget and rental cash flow.
About PropertyAngel - Property Management Company in Bangalore
PropertyAngel is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company that offers professional property management for villas, individual apartments, and houses. PropertyAngel has over 7+ years of experience in property management.
When you hand over your keys to PropertyAngel, we become your second landlord. In other words, if you hire PropertyAngel, you won't have to worry about property management issues. Also, we look for tenants who plan to stay in your home for at least a year. We don't shortlist short-term tenants. Since November 2014, we have had customers in 95 countries, manage over 1.5 million square feet, and have a 100% on-time rent distribution record.
In the end, hiring a property management company to manage your real estate portfolio should make your life easier. However, when choosing between service vs. cost, one must weigh the pros and cons of it. Thus, putting in the work to research a company beforehand can help you avoid a headache and additional costs due to lack of service later on.
Contact us at (91-80-47095974) or (91-7406484455) and make your real estate portfolio work for you.