In this industry there are all too many stories of property managers that don’t do their job properly, whether this includes treating tenants unfairly, pocketing rent money for themselves or generally failing to provide improper services to tenants.
Here are ten things to look for when ensuring your property manager is performing their job properly. Brought to you by Tim Manning:
- Comprehensive accounting
This includes making sure that all rent that has been paid is kept record of so that no disputes may take place. Property managers need to be able to be trusted with your finances, so it’s important that a clear and concise log of all payments should be created.
- Strict and compliant evictions
In the unfortunate case of evicting a tenant it can sometimes be difficult to perform this task, staying within your rights, respecting the law and remaining fair to the tenant. A property manager must be able to follow through with their duties in a calm and lawful way.
- Cost effective and reliable maintenance
As the landlord it’s your responsibility to make sure that your property is kept in a good condition. When you pass this task onto somebody else you want to be 100% sure that they’re going to perform these tasks as effectively as you would.
- Regular inspections
It’s well within your rights to continually inspect your property to make sure tenants are not breaking any rules you need to make sure that your property manager also pertains to this regulation.
- Thorough tenancy checks
Before you agree to let anybody move in you need to perform comprehensive background and credit checks on the applicants. A good property manager will perform this task well and keep you in the loop with their choices.
- Rent collection
Oftentimes it can be difficult to chase up tenants for their rent. But it’s incredibly necessary in property management to ensure that your agent is making sure the rent is being paid on time. This requires your employee to be tough, calm and fair in their interactions with possibly difficult tenants.