Choosing a good Property Manager will do more than give you someone who can collect your rent. They will help you maximise your investment, provide their knowledge on the laws and legislation of Real Estate, find and screen suitable tenants, conduct inspections and organise maintenance work, when required. Therefore, you would want a Property Manager who is able to help you minimise your risk and maximise your return.
1. Focus on agencies experienced in rental listings
While it might seem that all real estate agencies are experienced in managing rental properties, this is not necessarily the case. In order to provide the best support to your investment, you need to engage an agency or Property Manager who is passionate, qualified and experienced in managing rental properties. After all you want someone who is trained in sales and negotiation to ensure you get the highest possible rental return on your property.
Profere Property Management is a subsidiary of Oriental Realty, introduced to fully focus on property management, hence clients need not worry about engaging with multiple agencies, Profere Property Management is able to provide a one stop solution for all your property needs.
2. Do your research
One of the best ways to shortlist a property management company is to search current rentals around the location of your investment property. Find out where they advertise, the quality of the listings and the average time taken to find tenants for their listings.Online reviews are also utmost important, after all property management is all about keeping tenants happy so you can retain a guaranteed rental return. Pay attention to tenant complaints and how they are addressed to gauge the customer service quality of the property manager.
3. Interview prospective property managers
Ensure you ask them questions about their experience particularly in listings like yours, their services, fees and understanding of the laws surround the leasing processes. This will be a business relationship you are entering into, and like an employee, you need to make sure you get the best fit for your needs and goals.
4. Test their communication
When it comes to managing an investment property there are situations where a quick response is crucial. Whether it is a maintenance issue or a tenant complaint, the sooner the problem is dealt with, the better it is for all parties involved. You don’t want to lose a good tenant due to poor communication from your property manager.Quite often your investment property may not be anywhere near your primary residence, so it is important that you can trust your property manager’s communication on important items such as property damage, maintenance issues, rent reviews, lease renewals and vacating tenants.
5. Understand their management agreement and fee structure
When scouting for your prospective property management agency, make sure you thoroughly understand their management agreement and fee structures before you enter into an agreement with them. In short your Property Management agreement should cover:
● Setting, collecting and adjusting rent.
● Finding and screening potential tenants.
● Inspection processes and documentation of property condition report.
● Handling leasing documentation and security deposits.
● Managing maintenance and repairs.
● Fees associated with marketing the property.
● Terms for breaking contract.
● Make sure you are aware of any additional incidental costs that may occur.
6. Understand their tenant screening process
It is important for the value of your investment property that the tenants that are selected to occupy your property are going to look after it. For this reason it is a good idea to have an understanding of the tenant selection process that your property manager will take, to ensure they don’t settle for an unsuitable tenant.
7. Find out how they will market your property
Like everything, good marketing will get you the best applicants. So it is important that your property manager both understands good marketing and has the resources to implement their marketing strategies.The best way to understand the level of their marketing is to look at how they market their current listings. Are they prominent? Does the property look appealing? Is there enough information? Do they make it easy for the prospective tenants to view and apply for the property?
8. Understand their maintenance processes
Keeping your investment property in good condition is important for your long term returns. Not just for resale value, but also to allow you to get better rent and maintain the value of your property.In order to make sure your property is maintained it is important to understand the inspection and maintenance processes that will be carried out by your property manager. With regular inspections small repairs can be conducted to avoid potentially larger and more expensive repairs in the future.
Here are some questions you’ll need to ask:
● How many routine inspections do they conduct?
● Do you receive a report and photos of your properties condition?
● What happens if there is an issue?
● Who undertakes the inspections?
Finding the right person to manage your investment is a big decision, so it is important to do your research before settling on a property manager.
Here at Profere Property Management, we provide every client gets satisfactory services, so you would no longer have to worry about managing your properties. Call us now at +6019-2758200 for a FREE consultation!