lf you’re thinking about investing in rental property in Oxford (or anywhere), especially if you’re not planning to live in the same town as said property, it is important to hire a property manager for several reasons. When choosing a property management company, here are some things to consider.
1. Availability
Your PM needs to be available, or have staff members to be available, for any emergency that arises with your property, within reason, of course. They should have a list of handymen, plumbers, electricians, etc. that can be called on for any type of repair emergency.
2. Accountability
Your PM needs to be aware of things going on in your condo complex or neighborhood. They need to attend the HOA meetings if you are unable to be there, and keep you informed of any important issues. These issues include, but are not limited to assessments, construction plans or change of policies. Keeping records of requested repairs is a MUST, as well.
3. Accessibility
You, as the owner, need to be able to contact your PM regarding issues with your property and get a response in a reasonable amount of time. It is standard that your call/text/email be answered within one business day, depending on the level of urgency.
Property managers generally handle turnover between tenants, as well. This is the toughest, most important phase. There are several moving parts, and a so many things to keep up with. Taking pictures at move-out for damage (or the lack thereof) is extremely important!
Please reach out to us here at POM if you would like some property management recommendations. There are several available options in the Oxford area!