Owning property is certainly a good investment because it guarantees you a steady stream of income. Unfortunately, managing the property is one of the greatest challenges property owners have had to grapple with. If you own several properties, caring and maintaining them may consume a lot of your time.
Which is why it is necessary that you hire a real estate manager? This article looks at the tips that can guide you when hiring a real property management team.
Training
The person you hire must have a good training background in real property management. He must be a licensed property manager. This means that the person must have taken an approved property management course and passed.
Hiring a licensed property manager who is state regulated and who understands the procedure of handling rental income could be a good starting point.
Check Out the Fee Charged
Before you hire a property management expert, you must consider the amount of money he/she charges.
Find out if there are other properties he/she takes care of and make inquiries about them. A fee of between 8-10 % is reasonable.
Real Property Manager: How A He Operates
Different real property managers have their own style of running and managing property. Hiring someone who can fit in your schedule is key.
Be categorical about time frames and the procedures for accounting for funds. It could be monthly, bi-annually or annually.
If the property manager will be remitting payments at the end of the month, insist on receipts. If he carries out minor repairs, there should be receipts for repairs and he/she should show you some of the repairs done.
Have a written agreement that includes a termination and exit clause. This gives you a chance to end the relationship legally. If the manger is not ready to sign such a contract, he may not be the right person you can entrust your property to.
Generally, property management is all about making the tenant happy. Thus, the expert you hire must have the time to inspect your investment on a regular basis.
If a tenant vacates, it is his responsibility to assess the condition of the house and ensure that it is fixed before another tenant comes in.
Hiring a property manager who is accessible, readily available is recommended. You really do not want to hire someone who will not have time to respond to your queries.
Property Management Company Monitoring
You should also pay attention to the financials of your property management company service. These will give you information to share with your accountant on how well your property is being managed. Your accounting team can help you decide whether continuing a relationship with a property manager is in your best interests or not.
Take the time to get them involved in the process and use the data they provide. Flexibility is another consideration. Often, management of real estate is a fluid proposition. How flexible is the style of management? Are they willing to work with your needs to ensure the best working relationship? These are all property management company questions you should answer before hand.