Property manager plays important role for your rental property investment. When you decide to invest in rental property, it means you have more works to do. It is not only about finding tenants who can pay the rent on time but also about property investment management in general. When you hire property manager, your burden is reduced to some extent. You don’t have to worry about property maintenance or responding to tenant’s complaints because it will be handled by your property manager. However, you still have to monitor the performance of your property manager. It is important to review their performance periodically to see if your business going well with them being in the frame.
Review property manager to stay in the loop
As you may have known that property market is cyclical, especially in rental sector. There are many elements within that can affect your property investing. Constant and unpredictable changes are real that you have to be prepared for them.
Aside from things happen in the property market, one of the most vital elements is property management. Therefore, it is important to review the performance of your property manager so your business stay in the loop regardless of the situation in property market. There are many things such as regulations, rules, and laws you might not capable of to handle without the help of others. Thus, working on your own will be much more difficult especially when you face the ups and downs. Thus, hiring property manager from the start is a good decision to make. However, you need to make sure that their performance is good and beneficial to your business. You need to do it by reviewing their performance.
Methods of reviewing property manager
There are many ways to review your property manager. You need to establish from the start that your property manager should give you periodic reports about everything happens to your property as well as the tenants. That way, you can see if they provide a good living condition to the tenants. You also can find out if the tenants maintain the property properly from the report.
Aside from reading and analyzing periodic report, you may also need to inspect the property yourself. You can visit your property to check if everything is under control. You cannot just trust property manager blindly because there are those who ensure you that everything is fine but then you end up with a costly surprises.
You need to be active in engaging with your rental property investment. Make sure you know everything about the agreement between you and your tenants such as about the leases. Near the end of the lease, your property manager should seek you out to inform if there is renewal.
If you find yourself keep contacting your property manager to do better at their job, it is a sign that you should let go of them and start the new one who are more professional and reliable. For now, make sure do regular review of your loans and portfolio.