If you have bought a property that you can rent out, the chances are that you live in a different location. Even if this is not the case, you probably need help to manage your property unless property management is your primary role.
Needless to say, it is really disheartening to go back to a property that you are renting out to find that it has been trashed.
Do your homework
If you read everything written about property management you would probably never do it. This is why it pays to get a good property manager, but how do you find the right person or company?
If you know other people who have rentals, you can ask for referrals and ask detailed questions. In addition, do some online research and ask similar questions. You need to know what you will be paying for; for example, will they charge a fee for all repairs or do minor ones comes out of the fee you pay them? Do they use property inventory software from a specialist such as https://inventorybase.co.uk? Do you get a full report? You are trying to get a baseline on which to base your opinions as objectively as possible.
Visit properties
The property manager can’t force the owner to redecorate, despite their recommendations, but you can get a feel for how they manage places. You can also ask tenants questions, such as how quickly repairs are dealt with. You want your tenants to feel valued and you want to get a regular income, so it is like any other sales relationship. Reputation matters.
Interview them
There really is no substitute for interviewing property managers to see whether they work to your standards. Your gut feeling is all-important; if you don’t warm to someone, take this as a red flag. Having said that you want to be objective, sometimes objectivity just doesn’t work. Check out a number of different companies before making your decision.
Final checks
When you have chosen your property manager, make sure they are compliant with the relevant legislation for your area and your country – for example, the law in England and Scotland may be different – and any local bylaws.
When you have researched everything thoroughly, take a deep breath and go for it. Good luck!
