Having excellent property management is essential for your investment. The owner should not need to worry about their rental at all when they hire a property manager. Here are some things to look for to make sure your property is in good hands.
Tailored fee structures
Most property management companies have a fee schedule in place. The ability to tailor this feed to meet your individual requirements is critical.
Avoid add-on fees
Many property managers are looking to make money at every opportunity and add-on fees wherever they can. These include occupancy charges, marketing fees, advertisement fees, and so on. A good property manager will give a landlord a flat rate for their costs and then stick with it. Doing this provides stability, predictability and impacts your ability to manage your investment portfolio.
Communication is essential
A good property manager regularly updates their client and lets them know immediately about any issues with the rental property. They recommend 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 properties are created equal
There are those who are general property managers and others who understand rentals with specific needs. A good property manager is one who has the experience to identify and meet the unique requirements of a property that won’t be completed 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 tradespeople.
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.
If you are looking for a property management company to take care of your rentals, contact us today.