The success of any property investment is also dependent on the kind of commercial property management Melbourne requires for the job. In fact, good property managers are as much an asset to your business as the investments themselves. The property manager will make some really critical decisions regarding the management of your property which will impact your bottom line. Before you hire any partner, it is important that you carry out sufficient and due diligence in order to determine if you are working with the right associate.
Here is a simple guide on what you should look for in a commercial property management in order to ensure that you are working with a partner who can competently manage your property investments.
Property Management Fees
The property managers typically charge a monthly fee for their services. Fees can be as low as 5% or as high as 20%. When hiring property managers, look for a service that offers you more at significantly less. The property management fees should be considered in light of what other companies in the industry are charging and what you will get from the service. A company might be charging a very low management fee but they more than compensate for it through shoddy services.
Handling of the Tenant and Owner Fees
The property management companies generally handle more than just the physical assets. In many cases, they will also handle the money from the clients such as the reserve funds, the rental income as well as the security deposits which have been given by the clients. A typical commercial property management Melbourne companies implement will even include writing some checks on behalf of the property owner. The relationship between the owner and the property management company is, therefore, one that requires the highest degree of transparency as well as integrity.
Property Maintenance and Repairs
This is another aspect of commercial property management Melbourne established, that you need to look into. One of the main roles of any property management company is preserving the value of the property. It is advisable to work with a company that can quickly address the needs of tenants while also providing the owner with a very transparent system on how many is being used in the maintenance of the property. Competent property managers are able to accomplish these with relative ease.
Tenant Marketing and Retention
Property management mostly involves attracting the right kind of tenants and then keeping them in the long term. It is recommended to examine the process that the management company uses to attract tenants in order to ensure that you will be able to get value for your money. The company should also screen tenants thoroughly before admitting them into the property.
Examine the Organization
It is best to have a good look at the property management company that you are planning to hire. How long have they been business? What are their levels of professionalism? Who are their clients? Carrying out a good background check on the management company will help you in determining if they are the right guys for you.