One of the fears of many property investors, is what happens once the sale takes place. A good property manager is worth their weight in gold. There is definitely an art in managing both tenants & landlords at the same time.
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- Property management fees are tax deductible, so why oh why would you do it yourself? Find a professional & leave it in their good hands. All agencies have a detailed prospectus’s regarding fee structure etc, which are of course important, but asking questions and assessing how they answer them is equally important.
- Don’t just pick the agency, pick the property manager. Ask about track record, meaning don’t be afraid to ask for a client that they currently manager for to chat to. Ask them about their procedure. In list form, what is it they do when a tenant wants to apply to rent a property. How do they handle disputes with rent being late or when a property is vacated and it isn’t to the standard it should be. Ask them what they expect of you if something needs repairing in the property. By the time you have had a lengthy conversation with the property manager, you will gage whether they are going to be the right one. Most importantly ask the property manager what support their office gives them to enforce legal procedures if the tenant is just not doing the right thing.
- Don’t forget insurance, both building & tenant insurance is a must. Shop around, ask the property manager, ask other people who have an investment property and have had to make a claim their experience with the insurance company handling it.
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