It is imperative as a property investor to find a good quality property management company. Property managers are professional, educated and up to date with the latest legislation to take the stress and headaches away from managing your property yourself.
Here are some things to consider when selecting your property manager.
Look at accreditation
It is difficult to evaluate the quality of services offered by these companies in a short time. This is where accreditation with a major organisation, such as REIWA, reassures you about the performance and quality of service. It proves that the company has dedicated staff that meets the requirements of education and experience.
Know the range of services offered
There is a wide range of services offered by property management companies, including:
- looking after the maintenance of the property
- organising for repairs to be completed
- setting the rent
- marketing the property
- finding good tenants
- drawing up lease agreements
- provide you with detailed financial statements
You should get answers to all your queries regarding their duties and responsibilities early on so that there are no disputes later.
Check out the portfolio of properties
A good property manager can handle several properties with the help of his or her dedicated staff. Check out the kind of properties that the company currently serves and what properties they’ve managed previously. This will give you an idea of whether they have the expertise in managing a property like yours.
Enquire about the fees charged by the manager
Different property managers have different ways of billing their customers. They may have a fixed management fee, or charge fees on the basis of the percentage of the monthly rent collected. Ask your property manager whether he or she will charge fees on vacant units also? Most managers calculate their commission based on units that are occupied.
What kind of reports will you receive
It is incumbent upon a property manager to keep the landlord apprised of all the happenings taking place in the premises of the property. The reports that are usually submitted on a regular basis are receipts of rents collected, profit and loss statements, expenditures on repairs and maintenance, and so on. You can also ask for specific reports from your property manager.