• Home
  • Blog
    • Business Partner Magazine Archive
  • Free Contests and Giveaways
  • Resources
  • About Us
    • Cookie Policy
    • Disclosure Policy
    • Privacy Policy
    • Terms of Website Use
  • Contacts

Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

  • Business Success
  • Marketing
  • Finance
  • Employees
  • Technology
  • Start-up
  • Productivity
  • Communication

How to Find the Best Property Management Company?

June 24, 2021 by BPM Team

Click here to get this post in PDF

Too long to read? Enter your email to download this post as a PDF. We will also send you our best business tips every 2 weeks in our newsletter. You can unsubscribe anytime.

Enter your NameEnter your Email Address
Close-up Of A Businesswoman's Hand Holding Magnifying Glass Over House Model Over Desk

Why Property Management is Important? 

Property management is more critical than having properties. Especially for real estate investors because they own multiple properties in different places around the country. With the help of property managers, real estate investing has become possible and easy. A good property management company is gold for investors. However, a bad property manager can kill even the cash flow of your investment. If you had any experience dealing with an unreliable and unresponsive property manager, you may understand the headaches and costs added that increase with it. 

A good property manager will do everything related to your property from maintaining it to managing and handling legal issues associated with the rentals for you.

What Does a Property Manager Do?

A property manager manages almost all the tasks and responsibilities related to your property.

  • Rent Collection – Sets the rental price. 
  • Inspections of Property (on regular basis)
  • Mortgage & Utility Payments
  • Accounting Services
  • Leasing – It includes advertising, finding, screening, and placing a tenant
  • Security Deposits
  • Repair & Maintenance Service – The property manager handles all issues related to tenants and property on behalf of the owner. You can live freely because after hiring a property manager, you will no longer call at night for any maintenance or repair issues by the tenants.

Why It’s Important to Have Good Property Management?

When hiring someone specializing in property management, it’s necessary that the property manager has the same goals for your property as you have. Do they want a happy and low-maintenance tenant for your property that stays long-term?

The goal of the property manager should be to KEEP the occupant there. Because tenant turnover kills cash flow. A well-maintained property is a key to retaining tenants for a property. 

How to Find a Good Property Manager?

Not all property managers are bad. By asking the right questions, you can select the good ones for your property. Moreover, asking these questions will show the property manager that you know what you’re looking for and he can’t take advantage of the lack of knowledge of the property owner.

Questions to Ask a Property Manager/Property Management Company:

  • How many years did you work in the property management business?
  • How many properties are you managing currently?
  • How will you plan to handle or manage properties?
  •  Do you work on one point of contact?
  • How does reporting work from your side?
  • Maintenance requests will be done – in-house or through a third party?
  • Will you make a profit on maintenance and repairs?
  • Please explain the eviction process?

3 Critical Characteristics of a Good Property Manager

There are both good and bad property managers in the real estate business. The property manager would be considered bad if he is a glorified rent collector.  On the other hand, a proactive and communicative property manager would be considered a good property manager. For instance, if you’re trying to lease rental properties in Sydney, the agent should be knowledgeable about this region.

3 key characteristics to look for in the best property manager will include: 

  1. Local (proximity to your rental property)
  2. Communication
  3. Accessibility

It becomes difficult to manage a property from across the country. Therefore. make sure that your property manager works easily in the local area. 

The Advantages & Disadvantages of hiring a Property Management Company

There are two major advantages and disadvantages of using a property management company.

Advantages of Using a Property Management Company: 

  1. Manages all the responsibilities of the landlord for the rental property.
  2.  Hiring a property management company is a truly passive investment

Disadvantages of Using a Property Management Company:

1. Cost – Hiring a property management company incurs a cost.  The property management fee usually ranges between 5% and 9% of monthly rent.

2. Hiring a bad property manager could kill your cash flow 

Final words:

Good property management is an essential part of owning real estate. If a rental property isn’t being managed properly, the tenant probably won’t stick for too long and it will kill the cash flow. If you find a good property management company in London, they will be worth every penny.

You may also like: Hiring A Property Management Company

Filed Under: Management, Property Tagged With: management tips, property, property management, Real estate

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Disclosure

We earn commissions if you shop through the links on this page.

Recent Posts

  • Mobile Auto Detailing Services for Your Vehicle
  • Discover the Benefits of a Contactless Card Reader for Businesses
  • The Dynamics Of International Payment Business
  • Chinese Payment Systems: A Glimpse into Alipay, WeChat Pay, and UnionPay
  • 9 Profitable Business Ideas You Can Start On a Budget

Categories

Archives

Make Money Online – Free Course

  • Discover All The Shortcuts To Affiliate Marketing Success
  • Find Out How To Fill Your Site With New Leads And Customers
  • Discover How To Turn Your Passion Into Profits
  • Learn How To Write Copy That Gets Results Fast!
  • Discover How To Create Promote & Sell Your Own Products Online
  • Everything You Need To Know About Marketing Money Online
  • Strategies For Successful Web Entrepreneurs Inside
  • Discover How To Invest Smarter Grow Faster And Retire Rich
  • Email Marketing Strategies For Marketers And Entrepreneurs
  • Free training reveals how to build a successful six figure income online
  • Discover The Mindset Hacks You Need To Succeed
  • Free Marketing Memberships – Make Money Online

    Make money online free marketing memberships

    Tags

    Accounting apps bitcoin brand business growth business skills business success communication cryptocurrency Customer Service Data design Digital marketing ecommerce Efficiency employees Featured Article finance finances Health and Safety infographic insurance Investing investment legal legal tips Management Marketing marketing strategy Outsourcing productivity property Real estate sales security SEO Social Media software starting a business startup Technology Trading Training website workplace

    Disclosure

    We earn commissions if you shop through the links on this page.

    Digital Marketing Agency

    ReachMore Banner

    Business Partner Magazine

    Business Partner Magazine provides business tips for small business owners (SME). We are your business partner helping you on your road to business success.

    Have a look around the site to discover a wealth of business-focused content.

    Here’s to your business success!

    Copyright © 2023 - Business Partner Magazine·