Now that you have an investment property Right to manage London, the next step is to find someone to manage it. Do your research and list questions you want to ask when interviewing potential property management companies. List a few companies that interest you.
Then call them to ask questions if you’re still interested; arrange a personal viewing appointment. Visiting in person will give you an idea of how they run their business and you can meet the people who represent your interests. Here are the top five questions to ask when interviewing a property manager.
1. Does the company have a dedicated management arm?
They want to know whether the property management offers a full service or whether it is just a sideline of a real estate agency. Who and how is your property managed? How many employees are in the office? Who takes care of you and your tenants when employees are absent or sick?
2. Does the company owner/managing director participate in the business?
Most real estate management companies are twofold – selling real estate and managing real estate. Usually the managing director of the company deals with the sales side, as this is the most profitable area of the company, and a property manager takes care of the lettings. If the company director is involved in the real estate management part of the company, you may find that he takes it more seriously than others.
3. How well do you know the rental business?
Ask the property manager how long he has been personally involved in property management. Just because you are dealing with a well-known real estate company does not mean that their employees have a lot of experience. It also doesn’t mean that they offer top-notch customer service.
Some property managers start out as a clerk at a real estate agency and work their way up. Some switch to property management, others to sales. Other real estate managers have specifically opted for real estate management as a profession.
4. How long has the property manager been with the company?
You want a property manager who is stable in his job and who takes your interests seriously. Real estate management is associated with a lot of stress and high staff turnover. In six months you will want to speak to the same person to build a business relationship who understands your needs and the property. This is a good reason to look for a property manager who is dedicated to the profession.
5. What area does the company serve?
You are right to consider companies that have local expertise, but if you intend to buy more properties in the future, how far does their expertise go ?
The choice is yours – either hire a property management company in each geographic area or find one that covers a larger area to handle all of your properties.
6. How do they conduct property inspections?
This is really important – the last thing you want is for a property manager to hand out your keys to potential renters. Too much can go wrong. You want to know that the property manager provides good customer service and personally takes potential renters to view your property. Or they can hold open houses at certain times. This gives them the opportunity to get to know a future tenant better.
7. How many properties does the company manage?
You would like to know how many properties the property manager personally manages. Some may have 200 or more. If so, I wonder how they can provide you and your renters with top-notch customer service. Others may only have up to 150 but charge more for their service. This can be a better option for peace of mind and ultimately a good return on your investment property.
8. Does the company’s staff work six days a week?
You want a property management company that can show your properties when it’s convenient for the tenant. After all, you want tenants who can pay the rent, which means most will be working during normal business hours; Unless it is a commercial property. In the world of internet advertising, requests come in 24/7. This also depends on their availability and ability to solve maintenance issues.
9. Does the property manager check the new tenant’s credentials?
It’s important to ask how the property management company checks the references of shortlisted prospects. They need to make sure they check people’s credit and rental histories, as well as their past and present employment.
All prospective tenants must be carefully checked. Does your property Right to manage London manager have adequate access to information for this purpose? Do they provide you with a written report substantiating their claims when handing over shortlisted prospective tenants?
You now have a lot of information to help you find the best property manager for your growing property portfolio. Enjoy your investment.