As a property owner, one of the things you need to consider is whether you will hire a property manager to take care of your business or not. While some owners favor running their properties on their own, sealing a deal with a property management firm is still in the best interest of the landlord.
Hiring such a company makes sense for two reasons:
You will be anyway going to consult with a property manager on some occasions or with some issues.
A property management company has the experience and knowledge on how to run this type of business properly, and they have the tools, assets and resources that can empower your own business.
So i explain you how to choose the best property manager for your property. Here are a couple of things to check out.
It is important that the office of the company is near your location. Even if they offer 24/7 services through phone or email, some issues cannot be resolved without visiting them in person. They may have a number of offices in different locations, but make sure that the nearest one from your place is just a few miles away.
The contract is the legal agreement you will have with the property manager. Review the contract carefully.The two of you have obligations and responsibilities that are stipulated in the contract.
The contract states the duties that the property manager will be performing and how much earningswill they get in return. Check for stipulations on extra charges. You will also have to check in the contract what part of the total rent they will be receiving from you.
Also check details on the stipulations that cover contract duration, liabilities and termination of services.
Get an idea of the size and experience of their team, and check out if they are quick in making repairs. Also draw a line between the repairs that you yourself can handle and the repairs that they will handle.
Similar Types of Properties in Their Portfolio
There are many types of properties townhome, mansion, villa, hostel, condominium, chalet, bungalow, apartment, etc. You also need to consider the size of the properties that they can run. Ask them for similar projects that they maybe currently handling and check out how they efficiently run those businesses.
Finally, ask them how many times they can visit your property per year. It will be risky for your business if they dont conduct routine inspections, because these inspections will keep troubles and additional expense out of your property. Make sure that you are clear with the fees related to routine inspections.