Renting out your vacant property is a very good investment. You are sure that there is the tenant to look after your property and at the same time you earn money. With the present downward trend in the market, renting out property is a very safe way to earn money.
But searching for a good tenant and maintaining your property is not that easy as it may sound. Therefore it is suggested to hire property management services to do this work for you. Here are some important questions related to property management company:
1. Could residents have direct contact with the company?
Yes. A good property management company allows community members to contact it at any hour to report emergencies, log complaints, request services, or receive information. The company also responds promptly to community member letters and emails. Instead of remaining distant from the community, the company takes steps to integrate itself with the community.
2. How would the company's performance be assessed?
Common ways to assess the company's performance would be to conduct periodic quality reviews of its services, perform surveys of HOA members to gauge their satisfaction level with the company, and have the HOA's financial records audited annually.
A property management company assists HOAs by performing at least four functions of community management: financial, administrative and maintenance management, as well as community development. By using a property management company in this capacity, an HOA can improve the quality of its governance and services significantly.