How to Choose the Right Property Management Company: 7 Essential Tips for Property Owners

09-Jan-2021

How to Choose the Right Property Management Company: 7 Essential Tips for Property Owners
We always take an expert opinion before making an investment and that has always been the general norm in any industry and it’s no different for Real Estate investments.

Hiring the right property management company is important as they not only provide an experts opinion but they also help you execute your plans and reap the benefits on your investment.

Real estate investments are generally high-value, capital-intensive investments worth in Lakhs/crores of rupees.

​It makes perfect sense to be wise and hire a team who has the capability to take care of your investment as their own.

Here are 7 tips to keep in mind when hiring a property management company:

1 . Avoid Sublet Rights
2. Maximize the security deposit amount
3. Control over the deposit
4. Control over tenant selection
5. Access to tenants
6. Control over expenses
7. All terms in writing.

These are explained in more detail in a Property Ownership course on Prop.Academy.

Answer the following questions and you will be able to rate your prospect Property Management Company or even a property manager out of 5

  1. The company doesn’t want sublet right?
  2. Does the company allow you to control the security deposit money?
  3. Does the company allow you to take part in the tenant selection process?
  4. Does the company share tenant information with you?
  5. Does the company run all the expenses by you?

If the answer to all the above questions is YES then you can rate the property management company 5 on 5 and be rest assured that they will take good care of your property.

If your answer is no for some of the questions then ensure you retain all legal and financial rights pertaining to your property before proceeding with the company you have chosen.

It’s ideal to choose a company that lets you answer yes to all the above questions.

Some companies will promise to get you a guaranteed rent every month. However, it would help if you accounted for the fact that in certain circumstances, that might not be possible. This not only leads to the downfall of the company but it pulls you down with it.

For instance, the COVID-19 has brought out so much uncertainty, the best way to protect yourself is to minimize risk and maximize control over your property.

​The purpose of this guideline is to safeguard your interests and help you understand how you can keep your property safe. We recommend you go through these guidelines before choosing a property management company and reduce the chances of issues cropping up.

I can proudly say that PropertyAngel fulfils all the above guidelines.

PropertyAngel is a Property Management Company with Strong SLAs to measure performance

As a new age property-tech company with 860+ verified properties under our wing, we are deeply driven by Customer Happiness & Customer Transparency

Our goal is to maximize your rental income and to minimize your stresses.

Benefits of signing up with PropertyAngel:
  • Keep control – You choose your tenants. You control every penny spent.
  • Only pay for performance – You pay as you go and nothing upfront.
  • No hidden charges – All charges are transparent. Even maintenance costs are standardized and shared with customers.
  • Hassle-free – Complete hands-off experiences with a personalized support & field team
  • Verified tenants – Tenants placed only after a background verification & document check
  • Detailed audits and reports – Get detailed reports for rent, expenses, Six Month Property check report, Inventory check Report, Tenant Move-in & Move out Reports, Agreement Renewal Reports.

Want us to manage your property?

Reach out to PropertyAngel or call us at 91-80-47095974 / 91-7406484455

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