any property investors
will choose to manage Advertise for and screen (credit
their own properties, checks, contact referees)
especially if they live within a potential tenants
short distance. However, for many
investors it just may not be Collect initial bond/security
feasible to take on the payment
management of their properties if
they are spread out between Collect monthly rents
different states and countries.
In these cases they may appoint a Arrange any necessary repairs
property manager to take care of
the affairs concerning the rental Periodic property inspections and
and management of the properties inventories
in return for a monthly fee.
Pay workmen, gardeners, council
The benefits of appointing a rates and other bills out of
property manager can easily incoming rent
outweigh the reasons not to do
so. A good manager will always Make regular rental payments to
communicate effectively with the the landlord
owner under all circumstances and
the tasks they perform Contact landlord upon tenants
giving notice to vacate property
The tasks and duties of a
property manager are wide ranging Liaise with landlord to arrange
and will vary depending on the for repairs over a certain value
requirements of the property
owner. Here is a list of the some Issue relevant notices and
of them: letters to tenants
that need to be looked at and so
Provide rent and expense I've categorised some possible
statements to landlord questions accordingly.
This is just a sample of the Fees and Service
duties carried out by a property What monthly fees do you charge?
manager. Ultimately a good How many properties do you
property manager is not the one manage?
that charges the lowest fees. Do you charge letting fees?
Most managers in the location How often do you carry out
where your property is situated inspections?
will charge similar fees however
their ability to manage the Relationship
property according to your How often are payments to
requirements will differ and so landlords made?
it's necessary to carry out a Under what circumstances do you
strict screening process. contact a landlord?
The best way to screen a number Tenants
of property managers is to ask How do you find and screen
them a series of pre-defined prospective tenants?
questions. Some owners prefer to How often do you collect rent?
do this in a face to face What is the typical notice
interview; others are content period?
with perhaps a phone call and How do you deal with non-payment
emails. of rent?
So what questions would you need Maintenance
to ask? There are a few different What action is taken if a tenant
aspects of property management was to damage the property?
How do you manage minor and major
repairs? At the end of the day, don't
How long have you been dealing settle for less than what you
with your preferred tradespeople? expect from a property manager.
After all, this is your
investment, purchased with your
well-earned money, which you are
These are only sample questions putting in their hands. Do
and will differ according to your whatever you need to ensure it is
situation however they do provide in the hands of someone you
an outline of what you may need consider capable and trustworthy.
to ask.
About the Author:
Tim Wright is an international property investor and regular article contributor. He is the author of "Bulgarian Property - The Overseas Buyers' Kit" available at http://www.bulgarianpropertybuyer.co.uk
Source: www.isnare.com
