The property management business in Irvine is very competitive. However, some firms stand out from the competition. As a real estate investor and/or building owner, particular characteristics will help you identify these prominent firms that will increase the chances that you keep earning high returns on your capital. These characteristics include:
A Long Track Record
A firm that guarantees success among property management companies in Irvine California will be one with experience. A long record of poor performance will do you wrong. You need to search for a firm with a lot of experience successfully managing clients’ property. An excellent track record of past success is probably going to go forth into the future. It means that they understand Irvine’s real estate market and the tastes and preferences of the tenants residing there. The real estate market undergoes little change as compared to others hence experience plays a crucial role in success. An investor should contact records and previous clients of the property management company to ascertain the truth.
Commitment to Customer Service
From the time you as an investor visits the firm’s website or pick up the phone to call the firm, you should examine their customer service. You will be able to tell after some visits to their premises. The way the company treats its clients should give you an example of how they will treat your building’s tenants. If they are slow to respond or any not courteous, they will address potential and existing tenants in equal fashion meaning your building’s reputation will be ruined, and it will often be vacant.
The size of property management firms in Irvine CA vary. However, a firm should not be understaffed or overstaffed. Under staffing will mean that the employees will be taking on much than they can handle. They will be stressed and very unproductive for the most part. An overstaffed office will be wasting space and money. Much of the money that could be used otherwise will be used to pay unnecessary salaries. It shows poor management of human resources and will be repeated in the management of your building. The staffing should be just right for the optimal use of office space and manpower.
Audited Financial Reports
Hiring a company to manage your building is no different than being a stockholder of a corporation. A stockholder will carefully go over a company’s financial statement to see the overall health of the firm and how well it operates. As a building owner, you should do the same. You should go over the property manager’s annual reports as far back as five or ten years which will give you an accurate picture if prudent management is embedded in the culture of the company. Auditing by a third party shows that the company is transparent which is a good quality to have in a property manager.
In business, a good reputation is priceless. If a property manager has one of the best reputations among property management firms in Irvine CA, then you will be assured of plenty. Many quality contractors will be ready to work for the firm and to go the extra mile if needed. Tenants will also catch wind of the news and will want to reside in your building meaning you will have low vacancy rates. Look for a firm with a good reputation and it will take good care of you.