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Issues to consider when appointing a Rental Property Manager

A property manager can provide a value added service to you, as an investor, in terms of freeing up a lot of time that is required in managing a rental property on a daily or even weekly basis. The amount of work that goes into dealing with tenants, as well as all the paper work and so can cause one to shy away from the rental market; but not with a good property manager.

Before selecting a property manager, one is advised to ask a few questions and establish certain credentials of the property manager and their practices. These issues include:

•  Other properties under management, as well as quantity - this will offer the investor the opportunity of viewing a ‘case study' according to how the manager actually deals with the property and retains the tenants as well as the upkeep of the property. If your property is considered somewhat of a niche property, then it would be best to seek a manager that has similar properties and experience in dealing with this sort and type of property.
  
  
•  Fees pertaining to the management of the property. The fees vary and can depend upon the size of the rental property as well as the complexities involved; meaning the amount of work and tasks that are given to the property manager in terms of the company looking after the property. Ensure that the fee is disclosed and decided up front prior to any contractual agreement.
  
  
•  Cleaning and maintenance of the rental property. This is a value added service that can be arranged by the property manager, however it is normally for the owners account, and the manager merely organizes and coordinates any cleaning and or maintenance activities. It would be wise to familiarize yourself with the costs, time and related issues in terms of this area pertaining to the unit.
  
  
•  Additional costs and related items. A property manager can be given carte blanche in terms of ensuring that your rental property remains in tact and attractive to potential tenants, once again agreement should be reached in terms of the level of involvement of the manager, as well as issues such as clearing any additional costs prior to actually charging you and proceeding with the work.
  
  
•  Reporting is vital as it offers a measurement of what is done to the property as well as where all the fees and expenses are applied. Ascertain whether the manager provides a regular report with respect to any repairs, cleaning and additional expenses that may be incurred and agreed upon.
  
  
•  Person responsible - is there a single person responsible for looking after your property, and if so try to meet them or get their name, at least then you know who you are dealing with. You might want to encourage some sort of open relationship so that the person looking after your unit will realize that a real person is behind the apartment and treat it accordingly.
  
  
•  Obtain all vital information in writing and according to any contractual that may be necessary. This enables both the manager and the owner to understand the areas of responsibility, as well as the payment of fees, expenses and commissions when and where necessary. It would also be wise to ascertain when the manager is available in terms of working hours and whether or not they are contactable over weekends and holidays, in case of any emergencies.

Essentially the point of selecting a property manager is to free up some time for you as well as reduce any potential stressful situation that can occur with dealing with tenants and rental properties. The property manager has the experience and the know how to enable you to sit back and relax. A clear understanding and an open channel of communication is vital so that the relationship flourishes rather than diminish and parties are left with bad experiences.