Property Management – Sherman Oaks
Sherman Oaks Property Management
Northridge Property Management
San Fernando Valley Property Management
Valley Village Property Management
How to Hire a Rental Property Management Company
To make things easier for you no matter where your vacation rental is located, we’ve put together a list of questions to ask any rental property management company. They’ll give you a great starting point for more in-depth conversations about how they’ll look after both your property and financial interests as vacationers come and go. More importantly, you’ll have the peace of mind that you’ve done your due diligence and you’ve signed with the best available option.
Question 1: How long have you been active in vacation rentals in this area?
Maybe they’ve been around for 30 years or they’re a new company founded by someone who’s been in the market forever who decided to hang out their own shingle. Let them explain their local market expertise.
Question #2: What are your fees and contract terms?
Typical rental property management fees range from 30% to 50% of the nightly rent rate. That’s a wide range! You should understand whether on-the-ground services like maintenance walk-throughs and key drops are available a-la-carte or only when bundled with booking services. Also be sure to ask if there is a flat monthly fee in addition to the booking fees and how long their contract obligates you to be a customer. The most common terms are six- and twelve-month terms.
Question #3: Are you open to working with renters that I acquire via online property marketing sites (like Evolve and its partners such as VRBO, HomeAway and FlipKey)?
A great property management firm will be open to working with your renters, especially since you’re retaining them for their maintenance services a-la-carte, no matter how they come to find your home. Asking this up-front, however, clears the air and ensures you’re not going to be dealing with a company that hasn’t jumped into the 21st century quite yet.
Question #4: What’s included in your fees?
Never assume that a property management company will take care of everything. Get an enumerated list of everything that your fees to this company will cover and if you find any gaps, ask them if they have recommendations to people who offer those services should you require them (and preferable, more than one reference for you to explore).
Question #5: Do you market the property through your resources or is marketing up to us?
Sites like Evolve and our partners HomeAway, VRBO and FlipKey get your vacation rental in front of as many eyeballs as possible…so what’s your property management company going to do on their end? Make sure you’re comfortable with their response and understand that some are simply great at providing on-the-ground services and not marketing aficionados!
Question #6: How often can we expect reports on our property’s condition? Do you perform walkthroughs after every booking checks out?
You want a rental property management company that’s going to be actively involved in making sure your investment stays in tip-top shape. How often do they take inventory at your home and how do they deal with damages, suggested improvements or repairs and are these things communicated to you in a timely fashion?
While there are numerous other questions you could ask, these six are a great springboard for you to have better conversations with the people who can handle your rental home while you’re not around. Make sure you’re not just shopping on price – referrals are great and experience is key! The best advice of all is to make sure you like the people who are looking after your home. After all – this is business and it’s even better to do business with companies who make it a pleasure.
