It is not enough to be the owner of a rental property, you should know how to manage it and take care of the daily operations of the building. Most of the time, you may not have the time to devote to the daily functioning of the building and this is where property management companies come in.
Companies for property management Melbourne provide many services to make sure tenant complaints and requests are managed. But you should select a company that has sufficient experience in the field. You can ask them whether they already manage properties in the same area as they will have a good idea of market prices, building regulations and tenant laws that apply to that area.
So if you are looking for properties in the area, they can give you an idea of what facilities you should consider in a building depending on what local residents prefer and rental prices in the area. Experienced property managers will be able to improve your investment as well by making repairs, carrying out maintenance tasks and informing you of any updates that will increase the value of the property.
Check of the property management company is also an investor. This can be a conflict of interest as they may priorities the company when there are vacant units. So it may be a good idea to select companies that don’t own assets. You need to discuss with the company about how they keep records and documentation. They should have efficient software or an automated process. This should be accessible around the clock. You can ask them about the types of software they use and whether owners can access pertinent information remotely when required.
Ask to see a sample report that they will usually send to owners. This will give you an idea of what you will be kept updated on. It will take a bit of time to find the right property management company. But when you find a promising company, ask them to provide you with client references or testimonials. You can also check reviews online for the company.
You should also know about the conditions for terminating the company. Generally, it is expected that you will get the services of a property management company for long term. But when you are selecting a new firm, it is best to select a company that can provide you with a contract that is no more than 12 months with a cancellation notice of 2 months. It is the responsibility of the property manager to handle maintenance requests so ask how the company carries this out. It is very important that they respond to the requests and complaints submitted by tenants in a timely manner.
Many times, tenants can get disillusioned with a property when they don’t feel their requests or comments have been heard. Ask the property management company if there are additional fees for handling these requests. Ask about the procedures followed by the company when it comes to the financial report submitted by the company.