7 Things to Consider When Choosing a Property Manager
Buying a property is not as difficult as taking care of it. In addition to dealing with the complicated real-estate laws, you have to efficiently sort out the problems that your tenant puts forth. At the same time, you also have to make sure that your investment is safe and secure. It is not easy to fit in all these tasks in a schedule that is already busy. Our Yokine property management business will not only help you to manage your property adeptly, but it will also ensure that you reap rich dividends year after year. Here are 7 things you should take into consideration when choosing a property manager for your investment:
- Company experience – Property management is certainly not an easy task. It involves a lot of intricacies, hassles, complexities and challenges. To be able to handle all the problems proficiently, extensive experience in managing various kinds of properties is essential. A good property management business is one that has experience in handling old as well as new commercial, industrial and residential properties. Go through the company profile carefully; it will help you to ascertain its level of experience.
- Employee competence – Verify whether the employees of the company are competent, hard- working and honest. Never take such claims as ‘combined experience of 50 years’ seriously because it is unusually difficult to ascertain whether one employee has 50 years of experience or 50 employees have 1 year of experience each. The representative of the company should be able to look after your property professionally. Apart from routine responsibilities, he should be able to handle emergencies and disasters competently. Testimonials and references are a good way to adjudge employee competency.
- Property insurance – A wide variety of property insurance plans is available, and in such a scenario, it is often difficult to determine which one is the best. The professionals of a reputed property management business can help you to buy a superlative insurance policy. Additionally, by pooling together properties of several owners, they can facilitate lowering of insurance rates, which enables you to make a significant saving. Request the company representative to provide you with details of the most feasible property insurance plans.
- Taxes and other financial obligations – The property management company should readily handle all the formalities related to the submission of property tax. The firm should also have a tax consultant to supervise appeals against appraisals on your property. From time to time, the company should also provide you a Profit and Loss Statement and Balance Sheet. These financial statements will help you to determine whether your property is in a profitable proposition or not.
- Rental and lease formalities – If you’re intending to rent your property, then you should ensure that the company has the expertise to handle all the lease and rental formalities. From finding a good tenant and chalking out the lease agreement to collecting rent and dealing with repairs and overall maintenance, the property management firm should be able to carry out all the tasks deftly.
- Property development and management – A professional property management company will sincerely take charge of renovation and rehabilitation work of your estate. If you plan to develop your property, then make sure that the concerned supervisor has in-depth knowledge of the latest building techniques and construction materials.
- Fees and charges – A first-class property management company will provide you a clear- cut fee structure based on the type of property you possess and the kind of services you wish to obtain. Before selecting the company, make sure that the taxes and labor charges are clearly defined and that the fee structure is competitive.