Property Management | 3 Smart Tips To Forge a Relationship with the Right Property Manager
If you've bought an investment property but are overseas often and can't take care of it, a good idea is to hire a property management company like Verse Property Group to handle it for you. With the property market growing exponentially, many landlords fail to understand the benefits of hiring a property manager as a business partnership. Choosing a property manager on fees alone is perhaps not the best idea, since you need much more than a rent collection agent. Here are some smart tips to help you forge a good relationship with the right property manager.
Choose a Company with a Dedicated Property Management Cell
Many agencies have a dedicated sales department and rental department. Sales departments are considered most lucrative, since they offer high returns with quick turnaround times. But not every one has a property management cell, since it offers lower income and is more intensive to manage. Some real estate companies even leave client's asset management to front desk staff. Companies with a dedicated property management cell will take your business more seriously. Your property manager should be an expert in the field so that the job is managed as professionally as possible.
Check that the Company has Wide Geographical Experience
When looking for a property management company, you'll want someone with expertise in the local market, but you also want someone who has been exposed to other suburbs –– this is especially valuable when you're looking to expand your property portfolio and would like the same manager to handle all your assets. Ideally, you should employ a property management company with wide geographical experience, so that you only have to engage with one expert when you have multiple properties –– making your task significantly easier. Most landlords prefer professionals that can handle their entire property portfolios with the same degree of efficiency and knowledge.
Check the Value-Add Services Offered
Apart from collecting rent and managing the property, be sure to ask the property management company about all the additional services they provide. For example, do property management experts attend property inspections with tenants personally or do they simply open the door and let the tenants inspect the home for themselves? You'll also want to ensure that they have a proper system and database to screen prospective tenants for credit worthiness and criminal histories. You'll also want a property manager with adequate understanding on tenancy laws willing to represent you, in case you have to visit a tribunal to protect your interest as a landlord.
Use these parameters to establish a collaborative relationship with your property management company.