When choosing a property manager to look after the rental management of your property (flat, block of flats, house, investment property, etc.), here are a few steps to help you make your selection:
Do thorough research: Start by researching online, checking out local property managers’ websites, reading customer reviews and looking for recommendations. You can also ask your business contacts, other property owners or local property investor associations for recommendations.
Check their experience and reputation: Make sure the property manager has significant experience in managing properties similar to yours. Check their reputation online, looking for testimonials from satisfied clients and references. A good reputation is an important indicator of the quality of the services provided.
Check IPI accreditation: Make sure the property manager has IPI accreditation (www.ipi.be). This attests to their professionalism.
Assess their communication skills: Communication is essential in rental management. Make sure the property manager is responsive and has good communication skills. They need to be able to communicate effectively with tenants, landlords and service providers. Ask them how they manage communication problems and ensure transparency of information.
Meet them in person: Organise a face-to-face meeting with potential property managers. This will allow you to assess their professionalism, their personal presentation, their understanding of your needs and their ability to manage your specific building. Ask them questions about their experience, management policies, rates and services.
Evaluate their rates and fee structure: Ask potential property managers to provide you with a detailed estimate of their rates and fee structure. Make sure you understand all the associated fees, including management fees, advertising fees, maintenance fees, etc. Compare rates and make sure the services offered justify the costs.
Ask for a rental management contract: Before committing yourself, ask for a detailed rental management contract. Make sure you read all the clauses and conditions of the contract carefully. Check the conditions for terminating the contract, notice periods, the property manager’s responsibilities, the services included, financial obligations, etc.