Property managers serve as a cushion between renters and the property owners. They are responsible for managing both commercial and residential rental property and their main duty is to find and evaluate renters, repair rental property, collect rents, and handle evictions. Other duties of property managers include advertising properties, setting rent rates and the collection of rent, payment of taxes, and liaising between insurance agencies and contractors.
If you own rental property you will want to get the best return from your investment, and thus it would be a wise move to use the services of a property manager, however, you will need to do your homework. Finding the best property manager that suits you and your rental property needs to be approached carefully, and before you make a decision you will have to weigh-up several factors.
To ensure that you get someone who will adequately serve your needs, here are some qualities to look for:
Effective maintenance to protect your property
As a landlord you always need take a close look at how a preferred property management company maintenance plan operates and ensure that they are proven and effective with a trustworthy, reliable and cost-effective maintenance crew.
To ensure that both tenants and landlords are happy, effective and speedy maintenance or repairs are imperative in order to keep the tenants satisfied and to protect the owner’s property.
This is a skill that everyone in business needs and property managers need to excel at as they are dealing with many different people on a daily basis. They have to be able to identify any issues and be able to quickly provide updates to landlords concerning tenants and other related details.
Knowledge of market rates and financial accountability
Your preferred property manager should be up to date with current market trends and rental rates so that when they are making valuations and setting rentals they can bring the best possible return on investment to the rental property owner.
They need to be able to provide reliable and accurate account information on payments and leases.
When hiring a property manager you will enter into a legal contract and pay a fee for their services. This is usually absorbed by the rental fee and each company will have their own policy, but generally it is a percentage of the gross monthly rent.
All records of rent and other financial transactions must be meticulous and readily available to property owners on request. Most property management companies have automated software that is updated daily ensuring that their records are always current.
When looking for someone to manage your property it is a good idea to have a look at some of the reviews and testimonials from other tenants and landlords.
Look at their legal expertise as often there will be issues arising between the tenant and landlord that cannot be resolved among themselves. Your manager should be able to resolve minor issues, but more difficult cases will have to be taken to a disputes hearing and you will want to be able to get legal advice from your property manager.
In summary, before you decide on the best people to take care of your investment you will want to compare the services of each company. If they have a large portfolio of tenants and landlords that is a good sign that they are experienced.
Some of the very basic requirements to ensure your investment is in good hands would be:
- Do they offer 24-hour customer services for urgent repairs?
- Do they have adequate knowledge of the current rental market
- Are they operating a fully automated computer system for reporting and recording information?
- Are regular property inspections carried out and the owners notified of any problems?
When you find the best property management company with appropriate resources, you can be confident that your asset is in safe hands knowing they will adhere to the regulations and guidelines set down for rental properties.