REAL ESTATE AGENTS
With more people shifting their focus to property investment each year, the demand for trusted property managers who can maintain all the daily requirements of investment is growing rapidly. The days when property management was just about collecting rent are gone; property managers are now a more experienced and highly skilled professional. Those who are lucky to find savvy managers can build a longer lasting relationship that extends beyond the business.
Therefore, when starting your search for the right property manager, there are some questions you need to ask yourself. Hathaway Real Estate have compiled a check list to help you find the right property manager for you:
Does the agency understand the industry well?
In the way a salesperson understands their market in and out, your property manager should also know their industry well. Ask questions about the local area, about the properties they currently manage and any other question you think is important for your decision-making.
Can they showcase your property in all the right places?
One of the most important parts of maximising the return on your investment is ensuring you have the right tenants. Do the marketing strategies the company have to promote and market your property attract the right people for you? What are they doing to attract the best tenants?
What do they do regarding preventive maintenance?
Preventive maintenance is essential for avoiding small issues that may later develop into bigger ones and thus can be expensive to handle. Your agent should have predefined maintenance inspections to address the known issues. However, this should also mean that the investors have budgeted the repair expenses as soon as they may arise.
Can the property manager offer suggestions to improve the property?
Presentation of a property matters. Most people are often driven by what is pleasing to their eye. What suggestions does the property manager offer to you that can improve the attraction of your property above others on the market? Making some simple improvements can ensure your property is not vacant for an extended period but also attracts the appropriate market value.
How are the tenants selected?
The process of selecting the right tenant for your property is very important. It defines how your property will be taken care of once an occupant gets inside. What criteria is used by the property manager for choosing good tenants? What are their recommendations to the type of tenant you would lease your property to?
Do they carry out routine inspections?
Keeping your property in good condition can be achieved through routine and regular inspections and maintenance. This continuing vigilance avoids the potential for larger and more expensive repairs in the long term. Questions to ask about inspection and maintenance should be how often are they done? Do they provide a report and images of your property? What do they do if an issue arises? A good manager should perform routine and regular inspections and communicate with you on time whenever an issue arises.