Your property investing experience doesn’t end when you purchase a property. It continues with the appointment of a property manager, unless you decide to do it by yourself.

If you don’t have the time or expertise to personally maintain your rental, then engaging a property manager is likely to be your next step. A great place to start is Meier Paul Real Estate!

A property manager is responsible for the management of your investment properties. Some of the things we do in the Property Management department of Meier Paul Real Estate are:

  • Source and screen your tenants
  • Keep and arrange records and other paperwork
  • Collect and remit rent monies
  • Take care of tenant inquiries
  • Arrange for maintenance and repairs

Some of the benefits of having a property manager are:

  • We will take on most of the responsibilities of managing your tenants and property
  • A manager can help you find quality tenants, and screen their references
  • Our fees are generally tax-deductible
  • You save yourself the stress and hassle of managing the property yourself
  • We will ensure the tenants perform their obligations under the lease

and they pay the rent on time and keep the property in a good state of cleanliness.  If the tenant is constantly in arrears with payments, and or do not have the property in a clean and tidy state for the routine inspections, it might be time to end the lease.

 

 

Choosing a property manager

If you have decided to hire a property manager to do most of the leg work for you, there are a few things you need to consider.

  • Consider asking other investors for their recommendations. You could ask friends or other landlords for referrals, and once you have them, check their track records and reviews. Then, create a shortlist of those you would like to get to know further.
  • Ask a potential manager about the properties they manage or have managed. Enquire about their management style; do they allow tenants to contact them via text and email, or only the phone? What is their process for tenant screening, and arranging maintenance?  By asking these questions, you get an idea of how they will manage your property. Do they own an investment property themselves?
  • During the screening of your potential manager, ask about their fees. How much a manager charges may vary, which could be based on their experience and level of service. Once you have gathered this information, compare the asking fee and service on offer with other property managers in the area.
  • Even if you take a step back and let the manager do most of the property management, you still need to work closely with them. Observe how well they communicate or offer information during your meeting. Pay attention to how they relay details to you and answer your queries. Your manager should be able to relate to you and your tenants, as he or she will have to communicate with both of you.

Once you appoint your property manager, they can assist you ensure you receive the maximum return on your investment. If you are thinking of choosing a property manager, call us to see how we can help.