If you don't live in the same city as your investment property or even if you do, hiring a property management partner is a good idea when you don't have the time to deal with tenants on your own. But you obviously want to make sure that you get your money's worth with your property manager. This guide aims to equip you with strategies to set the right written expectations with your property management partner.
Tactics For Marketing Your Property
You'll naturally want to know exactly what your property manager plans when it comes to marketing your property. The last thing you want is an agent that doesn't do everything possible to get you good tenants. When signing the contract with your property manager, make sure you get all marketing strategies in writing. For instance, factors like listings on real estate websites, tenant networks, individual website listings and property viewings are different strategies that may be employed by your property manager. Make sure all marketing tactics are listed down, so that there is no room for discrepancies later.
Services Covered Under Your Property Management Agreement
Some property managers offer a certain number of services based on their capabilities, but others also offer tailored solutions to meet your specific needs. Before hiring a property manager, make sure you get a list of all services provided by the property manager added in writing in your contract. This will prevent any communication problems in the future. For instance, if you expect your property manager to do everything including tenant finalisation, rent collection, utility payments and repair jobs, make sure each of these services are listed down in writing during negotiations. Clarity in writing of provided services will ensure that you set the right expectations with your property management partner.
Procedures In Place To Tackle The Issues That Arise
When you have tenants in your home, certain issues may crop up over time, whether it is a repair job or some other issue regarding rental payments. Establish the procedures that the property management consultant has in place to tackle any issues that may arise with your tenant. For instance, discuss how the property manager contacts you when there is a rent payment problem or maintenance request. You'll also want to get details of how many home inspections are undertaken every year with written property reports.
Follow these strategies in your quest to set the right expectations with your property management consultant.
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