When you own an investment property, it’s important to consider to who you will entrust it. The wrong property manager can cost you a lot of money – in repairs, missed rent, and even legal fees. A good property management company will save you time and help you maximize your return on investment. In this blog post, we have accumulated nine questions that an experienced financial advisor in Melbourne labelled as the key questions to ask a property management company. So, without wasting any time, let us dig deep!
What is included in your management services?
In Melbourne, property management services include all the necessary tools and resources to keep your property running smoothly. These include a comprehensive range of financial and accounting services to help you keep track of your expenses and income.
What are your fees?
Many companies in Melbourne provide a free, no-obligation consultation to discuss their management services in detail and provide you with an accurate quote. Whereas most companies charge a one-time leasing fee.
How long have you been in Business?
It is an important question that will help you narrow down your options and choose the best property management company for your needs. A company that’s been in business for a long time is more likely to have the expertise you’re looking for.
How many properties do you manage?
As a property owner, you want to be sure that the company you hire can manage your property effectively. An excellent way to gauge a company’s ability to manage your property is to ask how many properties they currently operate. This question will give you a good idea of the company’s size and scope.
Do you have a vacancy guarantee?
When looking for a property management company, asking about their vacancy guarantee is essential. This is a guarantee from the company that your rental unit will be occupied for a maximum of a certain number of days.
What is your eviction policy?
When considering a property management company, asking about its eviction policy is important. You want to ensure they have a fair and consistent approach if you need to evict a tenant.
Do you offer rent collection services?
A company that offers rent collection services will work with you to set up a payment schedule that fits your needs and budget. An experienced company can provide you with a rental statement each month so that you can keep track of your payments. Choose one wisely!
Do you handle maintenance and repairs?
When you’re considering different property management companies, be sure to ask about their maintenance and repair procedures. It’s important to ask about the types of repairs and maintenance included in the monthly management fee.
What kind of reporting do you provide to owners?
As a property owner, you likely want to stay up-to-date on the performance of your investment. A good property management company will provide you with regular reporting covering all aspects of your property, from financials to maintenance and tenant satisfaction. It can provide a year-end summary report that includes a comprehensive overview of the property’s annual performance.
Conclusion
A good Investment advisor in Melbourne can help you make the most of your money, whether you’re looking to invest in property or save for a rainy day. Ultimately, it’s up to you to determine what type of property management company is right for you. But if you want an experienced team managing properties in Melbourne for years, get a quote from 10PropertiesIn10Years.com!