Investing in real estate in California is never a bad idea. Big cities and small towns throughout the state continue to be a real estate mogul’s dream, and not just for the picturesque seasides, charming neighborhoods, and trendy scenes. No matter where you decide to invest, hiring a property management specialist or firm will make life easier.
Whether you’re looking for a property management Corona agency or one in the heart of Los Angeles, there are a few things you should ask yourself before settling on one. Answering these 5 questions is essential before hiring a California-based property management professional.
Is the property close to your own residence?
Before investing in property management, there are a few things that can help you determine if you can handle things on your own or if hiring someone is necessary. The first determining factor is distance. If you live right down the street from the property you’re renting out, maybe you can handle things on your own just fine.
But if you live in Chicago and you’re hoping to fill your property in Corona with tenants, chances are you’ll need some help. It makes complete sense that the greater the distance between you and the property, the more difficult it will be to manage. You might be wary about the cost of hiring a management company, but the cost of going back and forth over a long distance will be even more.
How big is the property?
The bigger the property, the more responsibility involved. If it is a small building housing just one family, the responsibilities involved won’t be too extensive. But if it is a 4-unit apartment complex, managing it yourself will be a full-time job. The more units, the more work involved. If you’ve invested in a building with several units, hiring a property manager will be worth your while.
Do you personally have any experience in managing properties? To what extent?
Maybe you have the time and patience to manage your own property, but perhaps your experience is limited and you have no idea how to go about the process. There is a great deal involved in managing a property, probably more than you think, so dishing out a bit of cash on a professional that knows what he/she is doing is worth it.
What is your budget for a property management service?
Once you’ve determined that you do in fact want to hire a property management service, the next step is to establish your budget. Just like any service, the price ranges extensively. Once you’ve decided a viable amount of money to spend you’ll be able to narrow down your options.
Are you willing to completely give up control of your property? Or do you still want some say?
Some real estate investors are okay with giving up all control about how the property is run, and others still want some sort of say. Decide what type of person you are and find a management company that aligns with your wishes.