What Can Your Property Manager Do For You?
Some landlords, especially those who own only one or two properties
, feel that they might be able to manage their property on their own, saving themselves a property manager's fee. Whilst some people do have the time to make themselves familiar with property management, and manage the property themselves, most run into legal, financial and time consuming pitfalls that could have been avoided with an expert property manager.
So what do property managers do for you, what do their fees encompass and how can you manage your relationship effectively? Read on to find out!
Property Management Services
Depending on the company, different property managers offer different services. You should look for a property management team with comprehensive experience. Services property managers may offer are the management of rent appraisal, collection and adjustment, finding and managing tenants, and ensuring upkeep of your property. Some property management services focus solely on acquiring tenants and property sales, at the cost of communication, maintenance and other important facets of management
Your property manager can take care of:
Finding a tenant - expert property managers can spread their net far and wide, taking the work out of finding a tenant for you. You also don't have to worry about referencing tenants, as property managers also take care of this task
Repairs and Maintenance - You can authorise your agent to arrange urgent repairs (up to a certain cost amount). This saves you from worrying about having repairs done within the legal time frame.
Rent collection- Your agent takes care of rent collection for you, so you don't have to worry.
Property Management Fees
Property management fees should be reasonable payment for the services you are receiving. Super cheap fees may indicate low quality services, or a manager who is spreading their services across too many clients. The basic fees are generally:
Letting (or leasing) Fee
This is an initial fee for finding and securing a tenant. Some property management services offer you the option of only paying any fees (including the letting fee) if a suitable tenant is placed- so you face no risk!
Management Fee
The management fee is an ongoing, fixed rate fee deducted from each rental payment. It will be decided upon at the outset of your contract with your property manager, the percentage depending on a variety of factors, including the amount of rent charged.
Marketing Expenses
Marketing expenses may be included in letting fees, and involve the various costs of advertising your property. They are not ongoing, they are only incurred when properties are put on the market for rent or sale. A comprehensive advertising plan is a good idea, as it helps you secure the best possible tenants, and minimise vacancy periods.
Other Expenses
Other potential expenses are administrative fees, or fees for tribunal appearances in the case of tenant disputes.
Your Property Management Relationship
Your property management relationship should be characterised by clear and honest communication. Make sure you understand the contract you are signing, and look out for those who try to force you into fixed term, opening contracts.
If you wish to end a property management contract you can do so by written notice in most cases. If you are transferring property management, most of the time your new property manager can take care of the task for you. They can arrnage to pick up keys and relevant documents from your old agent.
Tenants should be formally informed of all such changes.
by: Cam Douglas
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