You have built your property, and your sole purpose is to have it generate income for you. Most people end up frustrated when they don’t seem to get the returns they anticipated. You may want to ask why even very well furnished buildings fail to attract clients. Property management is all that makes the difference. A landlord’s responsibility is such a hectic one, and you may struggle to do it, especially if you’re on your first property.
When you hire the right property manager for your property, you’ve more than someone whose work is to collect rent and answer a few maintenance calls.
Here are things to consider when choosing a property manager.
The company must be up-to-date.
These are not the days when you could make phone calls, and you’ve your clients well served. Or you send those cold emails expecting to get clients come your way. Things have changed, and people have gone to social media. When looking for a property manager, you must look for a company connected to the community. The company should have a vibrant digital platform so that your property is well exposed.
How has the company faired in managing other properties
Check the company’s portfolio- do they have other properties they’re managing? If so, then what is the experience with those property owners? Are they complaining, or are they full of compliments? You need someone who goes beyond mere marketing and connects with the community making lasting relationships that convert. How do they charge their rent, and how does it compare with the market price?
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Check out the company’s standard lease.
Is the company up-to-date on the tenant law? As a property owner, does the lease meet all your concerns as a property owner? If the lease has errors, it may bring you problems, or it could be that they’re doing business illegally.
How many staff has the company employed?
A property management company that doesn’t have enough members of staff to attend to the clients adequately. You need to find out the ratio of staff to the tenants. You can’t have a single person managing over twenty tenants. It could mean they’re not getting quality services, and they may seek for alternative. The staff members should have management skills- that ensure the customer experience is excellent and thus high retention of tenants.
A business written proposal
The Serviced Accommodation Management company should be able to give you a written proposal on your engagement. Do not accept verbal agreements- they aren’t legally binding. The contract should outline the responsibilities and expectations of every party. Do not take short term contracts; someone may be out to make their cut and disappear after a few months and leave you helpless. The contract should be long-term, at least two years after which you can decide whether to renew or get another person.
Look out for a company that understands its responsibilities. They’re responsible for handling cash, handle maintenance requests. The proposal should contain their commission and the amount of money you expect for every unit.