Good property management is key for your property investment
A property investor should not need to worry about their investment property when a property manager has been appointed. Here are signs to look for to ensure your property is in the hands of good property management.
Tailored fee structures
Most property management companies have a fee structure in place. The ability to tailor this feed to meet your individual requirements is critical.
Avoid add-on fees
Property managers looking to make a dollar on every corner pack on add-on fees at every possibility. These include occupancy fees, marketing fees, advertisement fees, and so on. A good property manager gives a landlord a flat cost for his costs and sticks with it. This provides stability, predictability and impacts your ability to manage your investment portfolio.
Communication is key
A good property manager regularly updates his client, lets him know immediately about any issues with the rental property, and recommends or describes mitigations steps to stop the problem quickly. Additionally, a good manager also provides regular contact information for 24/7 access. From your initial conversation regarding the fee structure, through to regular contact concerning your investment property; you should feel comfortable asking questions, relaying instructions and receiving advice.
Not all investment property is created equal
There are general property managers and those who understand rentals with specialized needs. A good property manager is one who has the experience to identify and meet the unique needs of a property that won’t be met by general services.
Frequent and timely financial reporting
A property investor wants to know where his income is and if there are any problems. Good property management involves coordinating and tracking the financial information for your investment property and providing this to you in an accurate, regular and easy to understanding format; keeping the value of the business safe and transparent. Many property managers now provide secure online information, allowing you to log on and look at your reports as little or as often as you required.
Provide a comprehensive service
A good property management company will understand the concept of complete management and take care of multiple services for your investment property. Beyond just collecting the rent, your chosen property manager should provide legal assistance, screening, background checks, collection services, and organising maintenance requirements through their network of tradesmen.
In summary, choosing a good property management will provide you will peace of mind knowing your investment property is protected and providing you with the best return on your investment possible.
Your turn: from your experience what separates a good property manager from a bad one? Comment below to share your thoughts.