Read the reviews
To get an overall picture of a property manager’s level of service; it’s best to talk to current clients, either a landlord or tenant. Or speak to property owners with a property like yours. Just ask your property manager for the names and/or contacts of three customers who you can talk to. In addition, you can get a good idea of the manager’s reputation by reading reviews on websites, such as Google and Yelp.
Happy tenants are more likely to pay rent on time, take good care of the property, and even recommend your property to potential new tenants. A property manager who has a good reputation with tenants can lower your re-leasing fees and improve your returns from the investment.
Premium customer services
Obviously, you want a property manager who you can reach anytime you need to. Picking one who provides great customer service and truly delivers on that promise will save you time, money and frustration of property management. Frequent communication is important in property management relationships. Your property manager should always keep you informed about the management of your property and about the property market.
A property manager with good organisation and accounting skills will not only manage your property correctly but also account for revenues and expenses. If your income and cash flows are easily accessible before the tax season, you’ll be able to manage your taxes easily. What is more, your property will enjoy strong capital growth.
Familiar with the property market
Knowledge of the local property market helps maximise your rents and minimise your property vacancy. Your property manager is responsible for making your property more desirable in the rental market, either through advertising or by offering favourable rental rates, thereby lowering tenant turnover and decreasing total vacancy.
Make a game plan
If your property manager is a good one, they’ll always arrange meetings with you to create a plan. The game plan is aimed at improving returns for the property and will be based on your plans, goals, and budget. A property plan designed to suit your individual needs is the key to successful property management.
Property managers usually collect rents on the first 5 days of the month. Clients are required to pay on time or risk being charged a late fee. After collecting rents and preparing monthly statements for each property, the money should be immediately deposited in your bank account. Be aware of property managers who hold on to your money by depositing it into their own bank accounts.
At the end of it all, make sure you find a reliable property manager who can look after your property, both in the good times and bad times and no matter your financial status. We suggest you check out the team on the 4rooms Property Facebook page. They quite often spill secrets here and there in the property management field on their Twitter page.