Choosing the right property management company is a crucial decision for property owners, whether you own residential units, apartments, townhouses or free-standing properties. A good management company can enhance your investment’s value and ensure smooth operations, while a poor choice can lead to financial losses and stress. Here is Homely’s guide to help you make an informed decision.
1. Research and Gather Recommendations
Start your search by gathering recommendations:
Ask for Referrals: Talk to other property owners or real estate agents in your network for trusted recommendations.
Online Reviews: Check platforms like Google. Look for patterns in feedback regarding responsiveness, professionalism, and tenant relations.
2. Check Credentials and Experience
Ensure that the companies you consider are reputable:
Accredited Company: Verify that the company is accredited through the Real Estate Institute of New Zealand. This ensures they are correctly set up to be managing your property and dealing with your rental income.
Experience: Look for companies with a proven track record in managing properties similar to yours. Consider how long the property manager has been working in the industry or if they are qualified.
3. Evaluate Their Services
Not all property management companies offer the same services. Ask about:
Tenant Screening: Inquire about their screening process for potential tenants, including credit checks, background checks, and rental history verification.
Maintenance and Repairs: Understand their approach to property maintenance.
Financial Management: Clarify how they manage finances, including rent collection, accounting, and reporting. Regular financial reports should be part of their service.
Inspections: What to expect from inspection reports.
4. Assess Communication and Responsiveness
Effective communication is key to a successful management relationship:
Initial Interaction: Pay attention to how promptly and thoroughly they respond to your inquiries during the initial contact. This often reflects their overall communication style.
Regular Updates: Ask how often you can expect updates regarding your property and tenant issues. Clear communication channels should be established.
Flexibility: Are they are to communicate and visit the property for viewings after hours if required.
5. Review Management Fees and Contracts
Understanding the cost structure is essential:
Fee Structure: Inquire about management fees, typically a percentage of the monthly rent. Be cautious of any additional fees for services like maintenance, inspections, or lease renewals.
Contract Terms: Review the contract carefully. Look for details regarding termination clauses, responsibilities, and any hidden fees. Ensure that the terms are fair and transparent.
6. Visit Managed Properties
If possible, visit some properties currently managed by the company:
Condition of Properties: Evaluate the overall condition of the properties. Are they well-maintained? This can be a strong indicator of how the management company operates.
Tenant Interactions: If you can, observe how they interact with tenants. A good property manager should foster positive relationships.
7. Trust Your Instincts
Ultimately, trust your instincts when making a decision:
Comfort Level: Choose a company that you feel comfortable with. You should trust them to handle your investment with care and professionalism.
Long-term Relationship: Consider that property management is often a long-term relationship. Opt for a company that aligns with your values and investment goals and has a low staff turnover rate.
Selecting the right property management company requires careful consideration and thorough research. By understanding your needs, gathering recommendations, assessing credentials, and evaluating communication, you can make an informed choice that enhances your property investment. Take your time, and don’t hesitate to ask questions—your property’s success depends on it!
To find out more about Homely and how we operate visit us at www.homely.nz
Homely Service the following areas:
Property Management Manawatu
Property Management Feilding
Property Management Palmerston North
Property Management Horowhenua
Property Management Kapiti
