New entrants abound in today's depressed single-family housing market, and the rental market is booming. Apartment buildings remain excellent investment opportunities. However, a well-managed property becomes increasingly vital to cash flow optimally for apartment buildings. Choosing an estate management agency to manage your rental property may be challenging. The following suggestions will help you make the best decision possible.
Choose an estate management agency that understands the local market.
Working with an estate management agency familiar with the local rental market is crucial. Knowing the local market means your estate manager understands what renters want. If you hire a good estate management agency, they will manage your property as if it were their own. They will be familiar with your property as if they were a renter.
They will also make cost-effective recommendations to the owner. Besides, improving the property makes it more desirable, helps increase rental rates, lower turnover, and decreases vacancy. Your estate management agency should keep up to date on local market fluctuations and ensure that your property is always competitive in the local market.
Set up a meeting with an estate management agency and devise a strategy.
A good estate management agency will schedule a meeting with all new property owners and devise a plan. The management plan serves as the foundation for everything else. Meeting with your estate manager will improve the interaction and give both the owner and the estate manager a good idea of how they will collaborate to increase the return on that property. Each management plan is unique and depends on the owners' goals and budgets. The key to successful estate management is creating an estate management plan customized to each owner's specific needs.
Request client references from your estate manager.
There is no better source of information about an estate management agency's expertise than its current clients. Request that your estate management agency provide you with the names of three clients who own properties similar to yours. Contact those individuals and ask them the questions you believe are vital to the success of your property. They can usually provide a good picture of the agency's strengths and weaknesses and their level of satisfaction with management.
Look for an estate manager with excellent communication skills.
Wouldn't it be great if you could always reach your manager when you needed to? Choosing an estate management agency that promises and delivers excellent customer service is the way to go. You should expect good communication. And an agency with good communication skills must ensure that the other aspects of their business are on point because they are constantly telling you about it. In any estate management relationship, keeping owners informed about the market and their property is vital.
Make sure you're spending your money wisely.
Estate management companies may offer you a lower management fee, say less than 5% of gross collected rents (the typical charge is 8% - 12% of gross collected rents). But then charge you for every time a contractor visits the property. Or for paid expenditures such as window screens or other minor repairs. Make sure your estate management agency is looking out for you, bidding out your repairs, or profiting in a way that always gets you the best deals.
In other words, don't cut corners just to be taken advantage of later. Make the right decision, and rest easy knowing that the best estate management agency is looking after your property.
Find an estate management agency that understands accounting.
Accounting for revenues and expenses on an investment property can be challenging. Organization and excellent accounting skills will ensure that your estate management agency truthfully accounts for your property. When tax season arrives at the end of the year, all your income and cash flows should be easily accessible and in the correct order to make tax filing simple. Inquire with your estate management agency if you can have access to your accounts 24/7. It ensures that you work with true professionals who value transparency at all levels.
Find an estate management agency that establishes a good relationship with the tenant(s).
A good relationship exists between an estate management agency and its tenants. Tenants are the property's customers, and the agency should treat them as such. Happy tenants result in lower turnover and, as a result, lower re-letting fees. Satisfied tenants will make eviction much easier. A reputable estate management agency with a good reputation in the eyes of the tenant is difficult to find. Selecting a good estate management agency will increase the value of your property.
Why Choose PropertyAngel as Your Property Management Company in Bangalore?
PropertyAngel is a leading O2O second landlord platform. We are a Bangalore-based proptech company providing professional estate management services for single apartments, villas, and houses. PropertyAngel's mission is to simplify, innovate, and secure real estate investments. Since November 2014, we have managed over 1.5 million square feet, have a customer presence in 95 countries, and have a 100% on-time rent distribution record.
Besides, at PropertyAngel, we prefer to collect rent in person. One benefit of this approach is that landlords get paid straight away, especially if tenants pay in cash. It also allows us to keep a close eye on your property. PropertyAngel can help you with property management in Bangalore. As a result, you make the most of your real estate investment.