Have you ever heard the saying “you get what you pay for”? Unfortunately this could not be more accurate when deciding which Utah property manager you will hire. Many companies will offer to manage your property for a very low rate, but the owner ends up doing the majority of the work in the end. This can lead to owners feeling like property managers are not worth the money and that they should just manage the property themselves. Just think about it, what type of company competes solely on price? Well, one that can’t compete on service.
When interviewing a property management company and discussing rates, it is very important to outline what services the company will be providing for the rate they charge. Will they be handing all maintenance requests? Will they be performing regular inspections? Will they be directly corresponding with the tenant? By agreeing to all of these items upfront, it will help to set expectations and to avoid disappointment.
More often than not, the company that is charging the lowest rate is not going to be providing much service. They will help place a tenant into the property and collect the rent each month, but that is about it. I have heard countless times (and experienced first hand) that the company that offered the lowest fees did not sufficiently take care of any maintenance issues, referred the tenant to the owner if there were any problems, and even had trouble returning a phone call or email.
I am here to tell you that not all management companies are created equal. When you hire a property manager, you deserve a company that will look out for your best interests and will handle everything for you. These companies will charge a little more for their service, but the difference in service will more than make up the extra cost. Isn’t that the reason you hired a property manager to begin with? To relieve you from the headaches associated with managing a rental property.
Don’t be fooled into choosing a property management company based on price alone. When interviewing a manager, the best advice I can give is to decide which issues are the most important to you and what needs of yours must be met. Then, discuss these with your prospective management company. If they are a quality company, they will focus on meeting your needs, not convincing you that you need what they offer.
If you have any questions on how to choose the best management company or if you are considering hiring a property management company, please contact us. To learn more about our customizable management plans, please download our owner information packet now.