People who don’t know any better tend to think of renting a property as a way to get free money. They believe that all you have to do when you own property is rent it and wait for the money to come.
As you might already know, this cannot be farther from the truth. Whether you are renting a property in Ireland or anywhere else in the world, things are never that simple. You must fulfill many responsibilities as a property owner. There is also paperwork to take care of, legal matters to handle, and much more.
That is why hiring a property management company can be the right thing for you to do. A good manager can look after all these things for you and make your life a lot easier.
Here is what to look for in a property management company and what they should be able to do for you.
Feeling of trust – first of all, it is essential to have a healthy relationship with your property manager. It all starts with a feeling of confidence. During the initial meeting with them, ask yourself whether that person seems trustworthy enough. Are they someone that you would feel comfortable renting that property to? If the answer is no, trust your instincts and find someone else that will take good care of your property.
Specific experience – the type of property management company you need varies with your renting kind of property. For example, a residual property is not the same as a commercial one. In addition, every type of property comes with its own set of nuances and tricks and rules and regulations. So find someone who has experience with the kind of property that you want to rent. An experienced individual will help you boost your income since they will be familiar with the expected costs and rent prices that match your renting.
Experience with finances and accounting – some property management companies do not handle anything related to finances. As you might have guessed, this type of company is far from ideal. You need a one-stop solution for all your rental needs. Find a company with financial and accounting acumen. That way, you won’t have to hire a particular company to deal with that portion of your responsibilities. This will save you both time and money.
Careful screening process – during the research stage, find out the screening process for the potential tenants in the management company you are looking into. A professional, reputable, and well-established property manager is easy to identify by how in-depth their screening process for potential tenants is. They should be conducting background, credit, and reference checks. Do not settle for anything less.
Local knowledge – while being computer-savvy is vital for a property manager, there is only so much that can be done from behind a computer screen. First, you need someone familiar with the neighborhood where your property is located. Next, look for someone who can regularly visit your property in person and perhaps even drive by every couple of days. That way, your selected property manager should be able to notice any issues with the property or community and resolve them before they become serious issues.
Communication skills – your property manager will be the one who will talk to you and your tenants. They will be the negotiator and the one who reports back to you with any issues that your renters might have. That is why an excellent ability to communicate is vital for a good property manager. As someone representing your business and property, a good property manager must possess this skill.
Billing transparency – before you take the plunge and hire a property management company, you should know precisely what you will be paying for -and how you will be doing that. In addition, ask about the company’s policies regarding other charges such as repairs and routine maintenance. Some places have a preset price, while others take a percentage of the lease. See which option works best for you and make a choice that suits your needs. The more questions about billing you remember to ask up front, the fewer chances for misunderstandings further down the line.
Responsiveness and availability – as you have read above, one of the main tasks of a property manager is to take the burden of dealing with your tenants’ immediate needs off your shoulders. This means that they should be the ones your renters call when they have a problem, such as a burst pipe or something else that demands an urgent reaction. Because of this, you should seek out a property management company that is highly responsive and available for your tenants 24/7. In addition, you need someone who will devote their time to ensuring that your tenants are happy and that your property is being taken care of around the clock.
A long-term mindset – ideally, when you find a property manager that fits you, you will be entering a form of a long-term relationship. If both parties involved are satisfied, you and your property management company of choice will be collaborating for many years to come. That is why it is crucial to find someone with the same mindset as you, who fits you as a company and as a group of people, a collective focused on helping you maintain your property and gaining the best from it.
Cost-effectiveness – never forget that property management is a service that you are paying for. Therefore you deserve to get the best bang for your buck. Find a manager who does the maintenance and upkeep of your property as well as you would. Remember that poor maintenance means unhappy tenants, and unhappy tenants tend to leave the place you are renting and leave you in the thigh spot. You have no control over some things – costs such as insurance and mortgage payments and taxes. But you have the absolute right to demand the best upkeep and maintenance for your money.