Hiring a property management company to look after your investment property is often preferable to doing it yourself, particularly if you have several properties. Learn more by visiting myHomeSpot.com.
You’ll want to make sure, though, that you’re comfortable turning over the reins of your hard-earned investment and that you’re getting your money’s worth. When considering recruiting a property management firm, keep the following in mind:
Reports include: You may anticipate receiving financial reports on a regular basis and inquire as to whether they intend to send them monthly, quarterly, or annually. All accounts, such as money collected, bills paid, and any other expenditures incurred, should be included in these reports.
Property repairs, such as carpet cleaning, electrical, lawn care, painting, plumbing, and other recurring expenditures, should be included in the expense report.
Cleaning costs may be incurred when a tenant vacates the premises, as well as work to prepare the property for the new tenant’s arrival.
If the properties are apartments or office suites, you can receive an itemised report listing all the properties entrusted to their care, along with the unit number.
Tenant Management: Being able to address any tenant problems that occur diplomatically is an essential aspect of a manager’s portfolio. They will serve as a liaison between the landlord and the tenant, as well as between tenants, if the need arises.
Complaints about noisy music or noise are some of the issues that will need to be addressed between neighbours. Without involving the owner, the management team can interfere and try to handle and resolve the situation effectively.
If the problem cannot be resolved by contact, the property manager should be able to take other action to address the issue.
Maintenance: The property management team will respond to tenants’ calls and demands for repairs and maintenance as required.
These calls may arrive at any time of day or night, and if an emergency situation arises that needs immediate action, the designated management team will be able to handle the situation.
Many businesses will have their own maintenance staff or may have accounts with companies and contractors that perform different forms of repairs. The property manager will evaluate the situation and decide if their maintenance crew is capable of doing the required work or whether they will need to employ a licenced contractor for more specialised services.