If you own real estate in Corona, CA, you’ve probably thought about hiring one of the property management companies Corona has to offer at some point or another. After all, you may not have the time to take care of every single aspect of your investment property.
Corona is home to many rental properties, including apartments, duplexes, triplexes, and fourplexes. Once occupied by renters interested in apartments close to downtown Corona, older units have been refurbished and now rent for much higher rates.
In the past, property management companies in Corona might not have charged enough to cover their operating cost or might not have had sufficient experience or knowledge to manage a large portfolio of properties. While these factors still apply to some degree today, many good apartment and house managers are committed to the profession.
What Do Property Management Companies Do?
Property managers play a number of roles. They must manage the relationship between tenants and property owners and handle all issues that arise. These problems might include:
– Landlord-tenant disputes
– Maintenance requests such as water leaks or backed-up toilets
– Lease negotiation and renewal
They can also assist with buying and selling real estate, apply for tax exemptions on the property, and handle other paperwork required by banks or investors that might want to get involved with your property.
How Can You Find the Best Property Management Company?
One of the best ways to find a good property management company is through word-of-mouth referrals. Friends who live in apartment complexes may have had to deal with their management company and can give you a list of pros and cons.
If you’re not sure who to ask, look at the local apartment complex directory for Corona, CA. Many apartment complexes now have directories for those living in their units to use. The chances are good that these directories include information about how to contact apartment management directly.
After finding some companies whose services might be right for you, make sure to request a copy of their license and insurance information. Insurance is an important factor in choosing the right property management company in Corona because if they manage your property for more than 30 days, it becomes an investment property.
As an investment property, your rental unit(s) will be subject to the condo/coop act unless you live there. This act requires that the property management company in Corona that you choose to be fully insured to protect your property in case of an accident or disaster.
It’s a good idea to request references from the companies you’re considering hiring as well. However, just because this isn’t required, it doesn’t mean you shouldn’t do it. If a prospective manager is hesitant to provide you with references, that’s a clear sign that they’re hiding something.
What to Look for in a Property Management Company
You should look for a company that can provide you with a detailed portfolio of their work. This provides you with a way to see the quality of services they offer. Be sure to inspect that portfolio and ask for photos or video if necessary. A good property manager shouldn’t be afraid to show off their previous work.