Property Management Company
Property management companies are the practices in which the responsibility to maintain and oversee the daily management of the property is given to the third party. In the early months of the pandemic, according to Kompas.com, there were 1.174 properties were closed in Indonesia. Not only property owners the pandemic impact is also felt by those who work in supply chains of property management services as well. In 2022 tourism in Bali is starting to revive after the Covid-19 pandemic. The number of foreign visits increased to 2.1 million visitors by 2022 (Central Agency on Statistics Data).
Indeed, hiring a property management company to manage your property is a big decision. Especially if you are a Bali property owner or property investor. Furthermore, According to the Heritagebali website, as of early 2023, there are 24 leasehold properties available for rent.. Using property management services can either boost your property’s revenue or cause more financial loss. But, if you find it difficult to improve your revenue rate and manage your property, choosing a professional property management company can be the best decision.
Then, how to choose property management company while you have incurred significant income decreases in Bali?
1. A simple google search
The most effective and efficient way to find the right property management company is by doing online research. Before you take time to communicate further with a property management company, read their review. For instance, you can read their review through Google review and social media like Facebook Page or Facebook Community. By doing this step, you have done the first step of how to choose the right property management company. Indeed, you’ll have a prospective lists which suit with your condition.
Next, further your research!
2. Check out their website
As a property owner, you have to know the details of your property management company. Here are some essential information you should know :
- First, property management services.
- Second, property management fees.
- Third, company’s properties and company’s portfolios .
- Fourth, their property owner.
- Fifth, contact information.
- Last and most importantly is review.
3. Local referral matters!
Besides online research, the best way to find the right management company is through partners’ feedback. Surely, you can ask your colleagues, friends, and families who work in hospitality management. Professional management companies have a strong professional relationship with the professionals or hospitality in the region. In this case, you can ask your colleagues who work in Ubud, Seminyak, Canggu’s hospitality management, or another area in Bali.
4. Check out their current works
Another way to choose the right property management company is to see them in action. Go check the properties they currently manage to see their management team.
5. Test your prospective company with multiple questions
Choosing the right property management company is more about finding a partner you can trust. For sure, you can ask essential questions to find the one you feel most comfortable with. Have a read to the alternative questions you can ask below:
- How do you handle customer complaints?
- How much is the property management fee?
- What are your best practices to increase revenue?
- What is your strategy to handle emergencies after hours?
- Do you have best practices to meet the monthly targets? What is the strategy?
- Will I receive annual and monthly financial reports?
6. Count the property management fee
Many property management services offer multiple product or service packages with varying property management fees. As a property owner or investor, it is important to maximize the income from your property. The fees charged by property management companies may be a percentage of the monthly rent or a flat fee. Therefore, it is crucial to carefully choose a property management company that meets your budget and specific criteria. Taking a strategic approach to selecting a company can help you achieve your financial goals and optimize your property’s performance.
In Bukit Vista, you pay nothing when you get nothing. You pay for the performance while we provide a one-stop hospitality service. Starts with market insight and hospitality best practices, yearly revenue projection, automated monthly report dashboard, professional photographer & top-ranking OTA profile, guest and reservation handling. A fair deal, isn’t it?
So, that's how to choose a property management company that suits you best.
If you are currently looking for a property management company in the Bali area, Bukit Vista is here as your trusted resource for everything property management. Learn about our services at Villa Management Service page or head to our Community Expert page to learn from the expert about refining your property. Feel free to reach out!
See you next time!
Bukit Vista Team