5 Things To Look Out For In A Good Property Management Company
It’s like a mine field out there looking for and vetting a good property management company with all manner of promises in service provision being provided. Here are 5 tips on how to vet a good property management company.
1. Ability to Collect Rents/Service Charge on Time
They must be efficient in rent collection to provide a return to the investor. This is a PRIMARY qualification and a reputable company needs to demonstrate this ability – This collection MUST also be done legally so as not to expose the investor to law suits or run ins with the rent and business tribunals. The company should be able to provide their rent collection aggregate by the 10th of every new calendar month
2. Security Of Collected Funds
A major source of pain for investors/landlords is misappropriated funds where property managers fail to submit or misappropriate collected rents or service charge. A simple cure is for the rent/service charge to be paid directly to the investors account and management services invoiced for subsequently. A management company that will not agree to this arrangement raises a red flag.
3. Marketing Capacity
The premises will fall vacant from time to time and will need to be filled in. The management company must have a vibrant sales and marketing department that can quickly fill in vacant units to avoid prolonged loss of revenue.
4. Maintenance of the Premises
One of the main reason investors hire a property company is to avoid the daily mundane maintenance issues. The company must demonstrate the ability to handle routine and major maintenance projects for different premises and a reliable list of efficient service providers.
5. Registered For Ethical Practices
It’s imperative that any property management company be dully registered with the regulatory board for Estate Agents i.e. EARB (Estate Agents Registration Board) so that the practitioner is bound by a code of ethics and practices where the investor can seek recourse in the event of a dispute in a working relationship.
At Canaan Properties limited we offer the management services that meet and surpass the above mentioned criteria
For more information please
Call: 0735 191732 or 0729 906210
C.E.O. Canaan Properties Limited