As with anything worth having in life, getting a quick return of your investments from hiring a property manager takes time. Even the selection process itself is something that can’t be done overnight or even in a matter of hours, unless you know who you are hiring very well and if they’ve quickly proven how trustworthy and competent they are. It is recommended that you do at least three interviews that include a lot of back and forth communication with each property management company.
First of all, don’t consider hiring a property management company if: you don’t have more than one rental properties or units, if you reside near or considerably close to your rental properties, if you are interested in hands-on management of your properties and if you have a lot of time on your hands. Also, if you are not willing to give up control of your properties or don’t have problems with your vacancy rates or cash flow, then you most likely will be better off without a property manager.
But if your concerns are the exact opposite of the reasons given above, the first thing you need to do is consult your colleagues for any referrals or recommendations they can make. You can also do the rounds of online sites that specialize in property management like GCRP.com.au. If you have rental properties in areas like Broadbeach or anywhere in the Gold Coast, you can find out more about property management broadbeach and utilize the tools on these websites that help you find the best property managers who know their way around the area or even rental properties that you can buy.
The next thing you need to do is look for a property management company that has more than sufficient experience in property management of luxury properties or any other rental that caters to exclusive clientele. Learning as you go can be a costly misstep as a new property manager can make all the wrong decisions like hiring the wrong maintenance staff or the wrong tenants that either skip town when the rent is due or pay the rent too late, which can eat up a significant part of your income. You can also be looking at potential lawsuits just because the manager you hired doesn’t understand the Fair Housing laws or just because a tenant’s heater didn’t get fixed or never got fixed.
Every property manager should be able to treat the tenants of the rental properties they manage like royalty. Even if the housing units have seen better days, nothing makes tenants happy than a property manager knowing their rights and understanding their concerns and treats them as if they lived in luxury houses. When you read about GCRP luxury home management you can take note of what the best property managers do as they go to great lengths to satisfy their tenants.
As so much is expected of a good property management company or property manager, it is recommended that you don’t cut your potential managers any slack as you must be able to get an idea firsthand of their skills. Remember that at first it is always a matter of them putting their best foot forward so get carried away by their charm and things aren’t likely to become better in the long run.
You also need to ask them pertinent and relevant questions about the number of years they’ve been in the real estate business, how long they’ve been property managers, the certificates and licenses they possess, the number of properties they manage as well as the size, the distance of their office from your properties, the size of their staff, their staff turnover rates and office hours. You can also request for a walk-through at some of the properties they manage to give you an idea of the quality of their work.
You can also ask them during the interview how they handle major tasks like tenant screening, rent collecting, tenant marketing and maintenance, especially in high-end locations like the Gold Coast. You can view site for gold coast property management to get an idea of what the best property management companies should be.
And lastly, you may want to go over management fees thoroughly with them and review their management contract so you have a clear idea of what you are both getting into. Management fees after all may be the biggest fee you have to pay but it is better to read the fine print just so you won’t be caught by surprise or be a subject of a potential lawsuit just because you neglected to read and understand what you should’ve. You also need to be clear about the extent and limits of their service so you can determine whether they are worth your time and money. You can check out gcrp.com.au and learn all you need to know and be on your way to hiring the best property management company for you.