One of the more significant investments is a real estate property that can be rented. Apartments as well as commercial properties can provide you with a steady flow of income every month. However, you also need to make sure that it is properly managed to maximise the revenue and minimise the impact of unnecessary repairs and maintenance costs.
While you can manage it yourself, your limited knowledge of the ins and outs of property management may deter you from properly carrying out the different functions required of managing your rental units. This is when the expertise of a property manager is needed.
But, how do you select the right candidate for the job?
Certification and Licenses
First and foremost, you need a duly-licensed property manager. He needs to show proof that he has successfully completed an accredited property management course. He also needs to show his license obtained from state licensing agencies. This way, you can be assured that he has, at the very least, the fundamental competencies to manage your property.
Ask your candidates about their experiences managing properties. Take time to visit these and determine for yourself if the overall upkeep of the property is well taken care of. Take note of the number of properties they manage at any given time and determine how well they manage their own resources to provide property management for their clients.
According to resortbrokers.com.au, management rights in Sydney always involves careful decisions, especially when hiring a property manager. An experienced one could mean a higher fee. However, you may look at his track record and determine for yourself if it is worth what he is asking for. He may have extensive experience but the properties he managed before were not suitable to your taste. You can use this as a bargaining chip. If you want to start at a lower rung of the ladder cost-wise, you can hire an inexperienced yet duly licensed property manager and see whether you made a great choice or not.
Conflict of Interest
Considered by some as an advantage, but some would not want to hire a property manager who also owns several properties. They are called property managers in charge because they also own the property they are managing. The thing to understand in any business is that conflict of interest should be best avoided. You simply do not want someone from a competing property to be managing your own.
Determine whether his schedule fits perfectly well with your property needs. Do you require monthly visits or quarterly or even a more frequent weekly basis? You need to determine how often you want him to be in your property. If he cannot adjust to it, then he is not the right candidate for you.
Choosing the right property manager for the job is the same as hiring anyone else in your business. You need to look at their qualifications and whether they can work with the different terms that your business requires. Finding the perfect fit may be tough, but it is the only way to go.