Real Estate

Questions You Need to Ask When Hiring a Property Management Company

Property management services have become one of the most sought after services by rental property owners and investors. Getting the right management company helps you save a lot of time and effort associated with running and managing real estate properties. With many companies offering these services in Australia, you will need to hire the right company such as Metrocity Realty – property management experts. What questions should you consider asking during the selection process?

Do you specialize in property management?

Most real estate agents are offering property management services today. Not all of them have the expertise needed to manage properties. You need to hire a company that fully specializes in managing real estate properties. Such a company will have the skills and knowledge required when it comes to managing different rental investments both in the residential and commercial sectors. For more efficient services, work with a company that focuses on the management services you need.

How many rental properties are you currently managing?

The most accurate and easiest way to tell if a company offers professional property management services is by knowing how many rental properties they manage for different investors in a specific area. For instance, if you own residential property in Melbourne, you will want to find out how many rental homes or apartments Metrocity Realty – property management company manages in and around Melbourne. The larger their inventory, the more experienced and suitable they are for your needs.

What is your property management plan?

You should never assume that every company you approach knows what it takes to manage your property. A professional property manager will take you through their entire management plan before offering services. Expect a good company to carry out a number of critical services such as:

  • Potential tenant screening
  • Evaluation of rental rates in the area to determine the optimal rent rates
  • Overseeing tenant move-in and handling evictions
  • Handling of all lease agreements on your behalf
  • Marketing your property
  • Collecting rent and dealing with finances
  • Inspecting your property regularly
  • Overseeing repairs and maintenance services.

What are your costs?

It is important to understand the cost of services being offered as well as what you will be charged for. Ask for a list of all charges that will be charged. The most common fees that you should expect include:

  • Marketing related fees
  • Lease fees
  • Lease renewal fees
  • Management fees (usually stated as a percentage of the total rent collected)

Do you provide a management and lease agreement?

For real estate investors who are hiring property management services for the first time, it can be hard to know what paperwork is needed so as to finalize management services. A reliable property manager will provide copies of the lease and management agreements. These two documents clearly define the parameters, responsibilities and your rights with the manager and tenant. It’s important to understand these documents before signing them.

When hiring companies like Metrocity Realty – property management, you need to be clear about your engagement in the ongoing management process as the landlord. Make sure that the management company knows when they should contact you and when can carry out certain tasks without consulting you. This will avoid many misunderstandings that arise between landlords and property managers.

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