With the present depressed real estate rents and values, competent property management has been more vital than ever before, it has been the primary contributor to the overall value of the property in the inactive real estate market. The major reason has been the prospects for rent growth based on the market. SCK property Ireland focuses on building and conserving the value of your property now.
It would not be wrong to suggest that the choice of property management firm is often made with very little prudence on the firm’s qualifications. There would also be little diligence applied on choosing the person who would be managing along with the knowledge of the market where various properties reside.
Choosing a property management company
How would you measure the job of a management company? Let us delve into the various aspects to help you choose the best property management company, as it would not be in your best interest to settle for poor services from a sub-par property management company.
Find below a few essential tests to determine the overall performance of your potential property management company.
Test #1 – Ideas for improving the physical property
Most of the ideas should come from the potential property manager for various ways to improve the physical property or the leasing situation. Rest assured you intend to hire a caretaker and not a manager. Only a manager would be proactive.
Test #2 – property management reports are difficult to decipher and irregular
The situation would be relatively easier to fix. Your potential property manager should design an Excel spreadsheet supplying only the information you need or choose one of various comprehensive and off-the-shelf software programs made available. If you prefer real-time file sharing online between the asset manager and the property manager. You could access the information anytime you require it for the upper management, partners, a lender, and more. Moreover, real-time reporting would ensure that a property manager would not wait until the property report is due a day before doing something.
Test #3 – person managing the property is not someone you hired for the job
Such a situation would have your chosen property manager having a trainee to managing the property. Such usually occurs in large national firms or small local management firms. Therefore, it would be imperative for you to put a specific clause in the agreement enabling you to out the person, whom you had hired to handle your property, but is not doing the job for you or quits.
Test #4 – you were unaware about your property is visited regularly by the hired property manager
Nothing would take replace the property site visits. It is the responsibility of the property manager to contact tenants regularly. This would avoid unnecessary delay or re-negotiation on the arrival of the lease renewal time. It would be preferable to hire a property manager who resides and work in the same market as the owner of the property. You should look for a property manager residing near your property. You should be particular about visiting the property and meeting the tenants regularly. You should also be specific about what you want to know after every visit.
Test #5 – not receiving adequate information about the real estate market where the property is located
If your property manager is doing half the job, you might struggle to make informed decisions about real estate. Therefore, it would be imperative for your property manager to understand your property values to other available properties nearby along with the aspects affecting the local scene.
To sum it up
A good property manager would be invaluable to you. He or she should receive an adequate incentive for optimal performance. In the event, your current property manager does not live up to the task; the time would be optimum to have a discussion with them about it. Consider mentioning these requirements to the property management and jot them down in the agreement.