10 things to know before hiring a property manager
Hiring a good property manager can affect your earning in long run aspects. A good property manager can be the best decision ever made but on the other hand, a bad property manager can lower the value of your property as well.
So before hiring any property manager, these are 10 things that you must know:
1. Management fees
One of the major factors in decision making is rental agent fees Perth. By comparing the fees of other companies, you can make the choice. Average management fees lie somewhere between 4-12%.
2. Level of services
Taking fee as a major factor, you must also look at the level of services provides by the company. In many cases, rental property management fees Perth are low due to the lack of services they are providing.
3. Property Repair and maintenance
The value of your property will increase or decreased based on the maintenance carried out by the company. Know about their maintenance periods and on-call maintenance. Make sure they have their maintenance crew and not a third-party as it increases the accountability of the company.
4. Lease Renewal
Managers could charge lease renewal fees once the lease is expired. It is not a difficult or long task. So, it is a big no to a high fee. Some companies don’t give the details of the fee charged. Stay away from these types of companies
5. Tenant selection
No one wants to lend a bad tenant but it becomes a difficult task to know completely about tenants. A good property management company must have a strong mechanism for tenant screening.
6. Vacancy fees
Some of the rental property management fees Perth companies charge vacancy fees which get deduced once the rent is recovered. Make sure to read the documents properly.
7. Rent collection facilities
Rent is a major factor in this business. If the collection of rent is not at the proper time, it will lead to the fall of business which is unfavorable. So, make sure they have a good rent collection mechanism.
8. Transparency
Owners trust on the rental agent fees Perth and this trust should be maintained. The owner should be provided with every detail about the proceeding of the company, tenants, and the money spent on something. Without transparency, it can lead to malfunctioning. Make sure the company is accountable for all proceeding.
9. Tenants retention
Owners hate vacancy periods as it yields no income. To avoid vacancy periods a company should have a good tenant retention record. Make sure to check the tenant retention record of the company before hiring it.
10. Timely Inspections
A property can be your life long saving and an asset to you. Make sure that the management company conducts a frequent inspection to make sure your property is safe.
Conclusion
The right decision can make your life much easier and stress-free. So make sure to know these things before making any further decisions.
So before hiring any property manager, these are 10 things that you must know:
1. Management fees
One of the major factors in decision making is rental agent fees Perth. By comparing the fees of other companies, you can make the choice. Average management fees lie somewhere between 4-12%.
2. Level of services
Taking fee as a major factor, you must also look at the level of services provides by the company. In many cases, rental property management fees Perth are low due to the lack of services they are providing.
3. Property Repair and maintenance
The value of your property will increase or decreased based on the maintenance carried out by the company. Know about their maintenance periods and on-call maintenance. Make sure they have their maintenance crew and not a third-party as it increases the accountability of the company.
4. Lease Renewal
Managers could charge lease renewal fees once the lease is expired. It is not a difficult or long task. So, it is a big no to a high fee. Some companies don’t give the details of the fee charged. Stay away from these types of companies
5. Tenant selection
No one wants to lend a bad tenant but it becomes a difficult task to know completely about tenants. A good property management company must have a strong mechanism for tenant screening.
6. Vacancy fees
Some of the rental property management fees Perth companies charge vacancy fees which get deduced once the rent is recovered. Make sure to read the documents properly.
7. Rent collection facilities
Rent is a major factor in this business. If the collection of rent is not at the proper time, it will lead to the fall of business which is unfavorable. So, make sure they have a good rent collection mechanism.
8. Transparency
Owners trust on the rental agent fees Perth and this trust should be maintained. The owner should be provided with every detail about the proceeding of the company, tenants, and the money spent on something. Without transparency, it can lead to malfunctioning. Make sure the company is accountable for all proceeding.
9. Tenants retention
Owners hate vacancy periods as it yields no income. To avoid vacancy periods a company should have a good tenant retention record. Make sure to check the tenant retention record of the company before hiring it.
10. Timely Inspections
A property can be your life long saving and an asset to you. Make sure that the management company conducts a frequent inspection to make sure your property is safe.
Conclusion
The right decision can make your life much easier and stress-free. So make sure to know these things before making any further decisions.
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