Whether you are a seasoned investor or a novice, the decision to create a real estate portfolio is an important consideration. Deciding on the custody of your assets with a real estate manager is a key decision that can seriously influence and impact on the objective.
Listed below are the 11 most important questions you should ask your property manager.
- Does Your Property Management Act As a Professional Career In Real Estate Management?
You want to pick up the phone today and 12 months later and talk to your caretaker. Stability is the key word when choosing the administrator of your property. Someone you know who knows your property inside out.
- Is There a Dedicated Property Manager Who Takes Care of Your Property?
It is important to have a dedicated manager to ensure continuity of service and a “stable” business relationship. Most homeowners do not know who is managing their property from one day to the next. The agencies are known to have high turnover rates in their property management departments.
- Does Your Caretaker Invite You To Take Part In One of The Routine Inspections?
Are they calling you personally after each routine check-up? Transparency must be an integral part of the service you receive by relying on your due diligence.
- What Time Does Your Caretaker Work?
It is important that you have full access to your property manager so that all requests were handled quickly and professionally; including response after office hours if needed. The most common complaint is that property managers are never available when problems occur or they rarely answer your phone.
- Who Has The Chain of Responsibility?
Many agencies are outsourcing their inspections and have never seen your property. It is important that you receive complete and comprehensive reports after each inspection (i.e. who perform open house, routine, and entry/exit checks?) Many agents do not carry out strong access controls, leaving homeowners in a precarious situation if their property is damaged.
- Does Your Property Manager Carry Out Tenant Inspections? Or Do They Just Deliver The Keys?
Your caretaker must attend all inspections with potential tenants because the security of your property is essential. Simply handing over the keys to your caretaker indicates how they will manage your property with very little care or attention.
- How Many Properties Does Your Property Manager Manage?
Too many properties assigned to a Property Manager significantly affect the quality of service.
- Do You Recognize Your Potential Tenants?
The selection of high-quality tenants should always be a priority. Future tenants will need to be judged on their solvency, rental history, and current employment.
- Does Your Property Manager Optimize Your Income?
It has no advantage that your investment is empty for weeks because the price is not competitive. Prices should be regularly assessed to ensure that returns are maximized and, if necessary, revised.
- Do You Have a Professional Association?
Make sure your property manager represents your interests in a professional and ethical manner and you feel comfortable as well as trust him.
- Have You Checked Your Real Estate Manager On Social Networks?
Do they have the integrity and the profile to represent? Do a Google search and verify their credentials.
In Premium Property Management Ascot we are characterized by the extraordinary passion and the implementation of best practices in the industry. Premium’s business ethics focus on managing a range of client portfolios with a personalized service that is both professional and practical in the management of each property.