If you own a rental property, whether residential or commercial, it is important you hire a professional property manager to help you take care of that property. After all, you do not want to be involved in the nitty gritty of running the property. What you want is a reliable monthly income from rental payments. You also want your property to look great at all times to ensure that every vacancy that arises is filled up quickly. You also want any repairs to be carried out effectively, in a timely manner and cost effectively. In addition to that, you want the the building to be painted regularly and the lawn to be well-maintained at all times. To achieve all these goals, and many others, you have to hire a property manager.
Finding a Reliable Property Manager
When you need property management services in Sydney, there are many things you need to consider. Below are some of the key factors of consideration when looking for a property manager in the city of Sydney:
i) Licensing
Only licensed real estate managers should be considered. These are professionals with formal training in the field. Therefore, they understand all aspects of property management. When making a shortlist, be sure to confirm whether or not a firm has been properly licensed to offer these services. Any firm that does not have a valid license from local authorities should be overlooked.
ii) Experience
This is a key factor of consideration. You want to hire a firm with a lot of experience filling vacant units, evicting tenants and maintaining properties on behalf of their clients. The most experienced property managers in Sydney should be given priority consideration as they offer better value for money. Do not just look at the number of years a firm has been operating in the city as the number and types of buildings they have been managing can help you determine their experience.
iii) Fees/Commissions
Property managers are normally paid a fee for their troubles. Since you want to get a decent return on your investment, you will have to compare the fees or commissions charged by different property managers and give preference to firms with the lowest fees.
iv) Reputation
You should never commit yourself to a property manager without reading reviews to learn about their reputation. You can also search the internet to find out if the shortlisted firms are facing any lawsuits in court. Reputation is an important factor because some firms are known to refuse to issue rental deposit refunds while others normally claim that there is a lower occupancy rate to get more money from the property. Therefore, you should do some research before committing yourself.
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