What To Look For In A Property Manager
Renting out a property is about much more than just collecting a cheque at the end of the month. On top of the numerous responsibilities, homeowners who decide to lease their homes have to make sure that everything is in working condition and that the place is safe. On your own, this means becoming a coordinator of sorts because you have to be able to maintain and keep accurate records of payments and any contract work done on the property.
You can do all of this by yourself and learn quite a bit or you can go through a reputable, reliable property manager who can take care of everything for you. For those looking for property management, Melbourne has a number of qualified companies, but choosing the right one for your rental requires a little research.
Continue reading to learn more about what you should look for in a property manager and ensure that your property gets the attention is needs.
Licence And Certification
One of the first things you need to research is to check if they have the requisite licenses. Government organisations list the appropriate licences needed to legally rent a place to others in Australia. This licencing is important because it lets you know if their business is compliant, and in case of litigation, these certifications can protect you and them against any legal action or lawsuit.
The Management Agreement
Good property management companies will have an agreement between the management company and the landlord that clearly defines the rights and responsibilities of both parties. Property management contracts clearly state the amount of money that the company will charge for maintaining the place every month. These contracts usually have clauses that comply with fair housing practices and information related to the cancellation of the contract. In essence, the contract clearly explains what is expected of both parties.
If you have the opportunity, ask a prospective property manager to look at some of the buildings they manage. When doing a visual inspection, look to see whether the exterior is maintained, and if looking at apartment buildings, check to see if the place is landscaped, even to a basic standard. If you have time, go into one of the places to do a visual inspection to see if the buildings are painted or if there is debris around the place. The purpose of doing a visual check is to make sure there is no neglect and to know how you can expect your property to be treated.
Connection To Area Contractors
One of the best benefits of going with a property management company is that they usually have connections to plumbers, electricians, roofers, and other contractors. This can be a time-saver for landlords who do not have the experience or connections to find contractors quickly. A good property manager, however, can plug you into a whole community of contractors that can help with repairs, and at a much lower cost than of going it alone.
Reputation In The Community
While you might find a few nasty remarks on an online bulletin board about a company, most people who lease through a property management company can give you an objective opinion on their experience with the company. When looking at the comments, focus on common strengths among all of the commenters, and not that you should discard negative comments, but take them with a grain of salt.
Essentially, if a lot of commenters complain about the same thing, then it is possible there is a problem. The management’s reputation in the community can be an indication of whether the property manager is doing a great job or not.
Finding A Good Property Manager
The benefit of leasing through property managers is they essentially maintain the property for you while only charging a small fee. Working with the right management company, can alleviate many of the hassles that go along with trying to lease the place on your own. Finding a good fit for a property manager is not difficult but it can take some time to make the right connection. Be sure to be diligent in your research and take the time to find the best person for the job.