Are You Using the Best Property Manager?
Here are 7 more Questions you should ask your Property Manager
When you have at least one investment property. The next step is to engage a property manager that you can trust that will look after your valuable asset(s).
While many investors spend a large amount of time and effort carefully researching the property markets. Then finding the top investment they often ignore the role that an experienced property manager can play in preserving their property’s capital value. They can also maximise the income from the investment property.
Too many landlords choose their property manager on fees alone. Others think they don’t need a property manager at all. They actually believe they can do it themselves. This is possible because they don’t understand that property management is so much more than just collecting rents.
Below are some questions that an astute investor will ask of their property manager.
8. Which property management services do you currently offer?
Not all property management companies offer the same services. Be sure that this company offers a full suite of services that meets your needs.
9. How many rentals do you currently manage?
This will help you to gauge the company’s size and expertise. Be sure that the company isn’t stretched too thin given the size of its staff.
10. Which types of properties do you manage?
A property manager who manages single-family rentals will have a different approach than someone who manages commercial or retail properties. Be sure to find someone within your market niche.
11. Will the property manager give me a written quotation for my bank as well as a market comparison of possible rental income that the property will generate?
It is important that the property manager give you a realistic rental income projection as well as the necessary documentation needed for bank finance approval.
Overstating the rental income a property can generate can occur in the property management department to gain your business is not in your best interests.
12. What are the processes in place to find a tenant for your property?
The advertising power of the property management department is an important consideration as well as the processes in place that will check the credentials of all prospective tenants.
Paul Hill Realty prides themselves on low vacancy rates on the properties they manage.
13. How often will you provide me with updates about my property?
You should be able to obtain information about your property as often as you’d like. More sophisticated property management businesses will leverage technology (e.g. online dashboards) to provide you with real-time information about your portfolio.
14. How do you set your rental rates?
Any credible company should be able to run a market analysis that informs rental rates based on a number of variables, including your local market, the unit size, the amenities you offer, etc.
Many property owners that have the property managed by Paul Hill Reality are getting higher than the asking price.
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Paul Hill Realty has built up a reputation of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, know the complete South Eastern Qld area well so can list any property in South East Qld.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact the Realestate Property Management Professionals at Paul Hill Realty today!