Having a rental property business can either be rewarding or daunting depending on the kind of property manager you have. The success of your investment greatly depends on your property manager’s performance and ability to oversee all the important aspects and factors pertaining to your property investment.
Managing rental properties is a very challenging role that only those who are 100% ready for the task can survive the workload and yield positive results. It demands so much of your time and focus, so one should be good at time management and must have a keen attention to detail.
If you want quality property management, look for a specialist property management company, ensure the Licensee of the business is actively involved in Property Management and look for a Property Manager with years of experience and a good sense of professionalism.
How to choose the right one
One way of choosing your property manager is basing it on recommendations from friends and colleagues.
Do your research. The internet is a very reliable tool when you are searching for options, enabling you to find a property manager that can cater to your specific needs. Each business is unique and, therefore, has its own specific demands, so it is best that you find someone who, you think, is suitable for the position.
Once you have made a shortlist of candidates, you should take time to meet them one by one to interview them in order to help you make a more informed decision.
Here are some guidelines to ensure you get the information that will help you make the best decision in choosing your property manager:
Experience. Ask how long they have been managing properties and how long have they worked at that particular office?
Number of properties they manage. You have to look into this particular factor more carefully. Do they still have time to address all issues concerning your property and its tenants? How can you be sure your property will be well taken care of?
How often they communicate with landlords. A good property manager should be in constant communication with the landlord.
In addition, landlord-manager communication should be done on a regular basis, involving updates and reports such as monthly rental statements, routine inspection reports, rental reviews or lease renewals.
Above all, your property manager should be able to notify you of anything that occurs in your rental property, i.e. if the tenant wishes to vacate, any maintenance issues to resolve and late rental payments.
Their strategy of choosing the best tenant for your property. You certainly wouldn’t want to let just anybody live in your property, would you? Choosing the right tenant is not as simple as it seems and it is the duty of your property manager to make sure that they screen the tenants carefully. A good property manager targets the demographic that best suits your property.
How they check the credit history, past rental history and current employment of prospective tenants. To ensure that your property is protected, see to it that your property manager subscribes to a major tenancy database and meticulously screens all of the applicants. Each applicant should be asked to complete an application form and fill up all of the necessary details regarding their rental history, previous and current employment history, as well as character references.
How they manage issues that arise unexpectedly. A good property manager is always ready for any issues that may arise. What do they do if a tenant is having a problem paying the rent? How do they deal with maintenance or repair requests? How often do they carry out inspections in a year?
Why they are better than the rest. Most importantly, ask them what they can do for your investment property that others cannot. Apart from knowledge and experience, you might also want to consider their skills in selling themselves. It’s one way for you to gauge their marketing abilities. Also, it would be a bonus if they indeed have something special to offer.
Understand the Challenges of their Job
Property management, as we all are aware of, can be a very daunting job sometimes. Imagine the amount of stress they face everyday brought about handling issues that may arise, on top of all of their responsibilities for each of the properties they manage. Be understanding and flexible and avoid putting so much pressure on them unless necessary.
Manage Your Property Managers from Afar
- Be professional. One thing that professionals respond to in a positive way is a calm and a professional approach. This includes regular communication, logical discussions and sometimes flexibility.
- Be prompt in responding to requests. If you are in doubt and are often confused about what to do, always discuss this with your property manager.
- Build a good relationship with your property manager. Just like in any scenario, a supportive relationship would inspire your property manager to render their best services to you and your property.