It is a known fact that employing the services provided by a property management company is imperative for the proper and efficient collection of payments from the tenants and the overall management of your asset.
How do you go about finding a good company?
It takes time to find a solid company that provides the best services as this is essential to the care of your property and definitely worth the investment.
When you look around to find an experienced and established operator you will come across many operators who are not licensed in this industry as there are many ‘cowboys’ who set up shop without any knowledge, qualification or experience.
So make it a priority to find a licensed, reliable and reputable property management company that can show you their credentials.
This may take some time but will definitely benefit you in the long run to put your property with a company who has a concrete knowledge of the rental market in your location, as well as the experience to guarantee that their clients will obtain the best advice.
The more reputable companies will have the primary aim of providing support to their clients and achieving an improved fiscal result, and a level of security that cannot be achieved if the owners were handling the properties on their own.
A well-respected and experienced property manager should be high on your list of choice as they can offer certain advantages to their clients.
How does a property management company work?
To put it simply, they protect the investments of their clients by maximizing the worth on their rental return. This involves a lot of behind the scenes work on their part to ensure your asset is protected, well maintained and most important of all, increases in value over the ensuing years
What should I look for in a property rental manager?
Firstly, a warning, when you look around you will come across a few ‘cowboys’ who set up shop without any knowledge, qualification or experience and are not licensed to operate in this industry.
Property Management involves many difference areas of expertise, they include finance, being able to interpret the law for both tenants and landlords, aspects of maintenance and operations and an attribute quite often overlooked which is not a legal requirements, is being able to read people.
Quite often, property managers will need to make a decision packages based on their gut feeling. This can occur when all the prospective client’s credentials check out and there is nothing to indicate that anything is wrong!
However, there is just a feeling that something is not quite right and quite often this instinct will be the only thing that determines whether the deal should go ahead or not.
So spend the time and find an experienced and established operator, someone you feel you can trust to look after your valuable asset and someone who will give you the confidence to manage your investment. You will definitely benefit long term.
The more reputable companies will have as their primary aim the promise of providing support to their clients and achieving an improved fiscal result, along with a level of security that cannot be achieved if the owners were handling the properties themselves.
What services do they offer?
The services offered by a reputable property management company typically includes the promotion of your property to potential tenants, credit checks, choosing the right tenants, regular property inspections, secure information on payments and statements and regular rental reviews.
A 24 hour service should always be offered to clients in case there are problems or concerns that need immediate attention.
It is legal to have the funds received from tenants deposited in a Trust Account and accounts audited in the same way as any professional business.
Whether a tenant or a landlord, you can be assured that your money is safe and secure.
Should I expect some sort of guarantee from a Property Manager?
Some property management companies offer empty promises that are forgotten in just a few months, but a reputable company will provide a service guarantee in writing.
For those who are considering the future of their properties which can involve hundreds of thousands or even millions, it is worthwhile investing a little more on property management services to ensure that their assets are supervised by professionals.
As these property experts are constantly dealing with the residential rental market, it gives you peace of mind knowing that the company is up to date with the latest information and market prices in that field.
They will ensure that you receive the best rental rates the marketplace can offer in the current environment.
Knowing all this, you can rest assured that when problems do arise with your property or tenants, you can rely completely on your property manager’s expertise to handle any problems on your behalf by providing the best solution for you.