If you are thinking of renting out your residential or commercial property, you may be considering the services of a property manager. However, with many Edmonton property management companies in the market today, choosing the right one can be a challenging experience. You first need to determine your needs and what you expect from the manager. The following are factors that if considered, they will help you to make an informed choice.
Perhaps the first thing you will do is locating for prospective service providers. This can be achieved through a number of approaches including asking for word of mouth referrals and searching online. If you know of real estate professionals in your locality or other landlords in your locality, ask them to refer service providers they trust and approve. However, make sure you personally check how suitable they are for your investment irrespective of how you found them.
Locating prospective managers is most likely the first thing you will do. This can be achieved in a number of ways including asking for referrals and searching online. If you know of friends who have similar properties, and are also using the services of a real estate manager, ask them to provide recommendations. They should also give you reasons as to why they think that company will be suitable for your investment.
After locating at least three prospective companies, you should consider evaluating their suitability for your investment. One of the first things you need to check is if that company is licensed to operate in your city. Licensing will give you an assurance that you are dealing with a legitimate service provider. Using their license number, you can also check if there are any unresolved complains between them and previous clients.
The cost of services should also feature. With many management companies in the industry today you should expect their charges to vary. Ask about what percentage they will be charging and which payment mechanism they prefer. Consider comparing these charges with other services providers in the industry who provide services of a similar quality. However, you should not just settle for the cheapest without considering quality, since this might also mean poor quality services.
Another important thing you need to check is how the manager will address maintenance issues. There are varying ways you as the owner will pay for getting maintenance issues resolved. You can decide to allow the managers handle the problem with the cash flow up to a certain limit. If any maintenance and repair tasks are done by the manger, ensure they are well documented.
Another important thing you need to check is the contract. Read all the fine print in the contract provide and give much weight to the cancellation policy In the event that you are not satisfied with their services, you should have a way of terminating the contract without having to pay hefty fines. A smart move would be asking for a contract of a shorter period of time, say three months, so you can comfortably evaluate their suitability for your investment.
When choosing a property manager, it is important that you select the right one. Ask for referrals from real estate professionals in your locality. However, make it your business to evaluate their suitability for your investment.
Perhaps the first thing you will do is locating for prospective service providers. This can be achieved through a number of approaches including asking for word of mouth referrals and searching online. If you know of real estate professionals in your locality or other landlords in your locality, ask them to refer service providers they trust and approve. However, make sure you personally check how suitable they are for your investment irrespective of how you found them.
Locating prospective managers is most likely the first thing you will do. This can be achieved in a number of ways including asking for referrals and searching online. If you know of friends who have similar properties, and are also using the services of a real estate manager, ask them to provide recommendations. They should also give you reasons as to why they think that company will be suitable for your investment.
After locating at least three prospective companies, you should consider evaluating their suitability for your investment. One of the first things you need to check is if that company is licensed to operate in your city. Licensing will give you an assurance that you are dealing with a legitimate service provider. Using their license number, you can also check if there are any unresolved complains between them and previous clients.
The cost of services should also feature. With many management companies in the industry today you should expect their charges to vary. Ask about what percentage they will be charging and which payment mechanism they prefer. Consider comparing these charges with other services providers in the industry who provide services of a similar quality. However, you should not just settle for the cheapest without considering quality, since this might also mean poor quality services.
Another important thing you need to check is how the manager will address maintenance issues. There are varying ways you as the owner will pay for getting maintenance issues resolved. You can decide to allow the managers handle the problem with the cash flow up to a certain limit. If any maintenance and repair tasks are done by the manger, ensure they are well documented.
Another important thing you need to check is the contract. Read all the fine print in the contract provide and give much weight to the cancellation policy In the event that you are not satisfied with their services, you should have a way of terminating the contract without having to pay hefty fines. A smart move would be asking for a contract of a shorter period of time, say three months, so you can comfortably evaluate their suitability for your investment.
When choosing a property manager, it is important that you select the right one. Ask for referrals from real estate professionals in your locality. However, make it your business to evaluate their suitability for your investment.
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