When comparing quotes from different property management firms, you have probably noticed that some are significantly lower than others. Before choosing the least expensive option, it's important to ask yourself why that quote is so much lower. What looks great on the surface may not actually be such a nice deal after all-here's why.
You get What you Pay For
The old saying that "you get what you pay for" applies to property management as well. In other words, the reason you've received a lowball figure is because the estimate is based on a poor level of service. Cheaper property management firms may not provide all the services you need. They might also fail to answer phone calls or follow up with your tenants.
Landlords who go with the cheapest offer often wind up doing tasks themselves because they cannot get a response from their property manager. Ask yourself this question "Is it worth paying someone else to do something that I will likely wind up doing myself anyway?" If the answer is no, then you may want to reconsider hiring a property manager based on price alone.
While trying to establish themselves, newer property management firms may offer very low quotes. In doing so, they hope to earn your business and gain experience. The problem with that is they may not know how to handle many common problems that arise. This means that you could have to provide more guidance than you would if you hired an established, more experienced property manager.
It can be tempting to want to save cash, but cutting corners in this area could actually cost you money instead. That doesn't mean a reputable property manager should be out of reach for you financially. At LandPark Commercial, we provide excellent service and a great value for your money. Please contact us today to receive a professional quote.