Are you here to decide whether to hire property management or do it yourself to manage your property? We got you!
We have all the information that you need to make the best decision to solve all your confusion to make a decision. We will provide you with all the information about the property manager’s duties, how to switch property management companies, and how to hire a property management. Without further ado, let’s read down below!
What are The Duties of A Property Management?
A property manager or property management company is the one hired by a property owner or landlord in managing their property rentals, as well as handle other daily duties of the owner.
Hiring property management can be a huge asset and ease property owners’ lives. It’s because the property manager will help you professionally manage your property units and all the work as an owner to give you maximum profits. Not just to assist you in managing your property, property management also usually has an expert team that would give a recommendation to your property based on their analysis work.
What kind of help and benefits that you can get if you hiring a property manager? Check down below.
1. Collect the rent fee and manage your budgeting
The main duty of property managers is to help you in collecting and deposit rent for the property they manage. Some property managers or companies will collect rent using e-wallets or payment apps to help collect the money and transfer it to the property owner easily and quickly.
Property managers may also handle delinquent payments, collections, and evictions. Working with a property manager ensures that these tasks that might be difficult for property investors to handle from afar are dealt with efficiently to save owners money and time.
2. Make a competitive pricing strategy
As a rental owner, it’s important to make a competitive strategy amongst your competitors in your property’s area. Creating a price for your property might be tricky. If you cut your rent fee too low, you might get lost. Otherwise, if you make your prices too high, you might not get tenants or guests to your property.
A professional property manager will help you create a pricing strategy for your property by analyzing using real-time data. In Bukit Vista, our data scientist team always uses real-time data to help property owners or landlords make a competitive strategy depending on the current market in the area. With this data, we can make clear and accurate decisions to optimize your property to meet your expectations.
3. Do maintenance regularly
As a property manager, they also will help you handle maintenance for your property and find you the trusted repairman. If you hire a property manager, you won’t get an unprofessional repairman to repair your property and charge you an unreasonable price. It’s because property managers usually already cooperate with trusted repairmen to handle and get the most reasonable prices.
Hiring a property manager can help you in response to any maintenance issue for your tenants. A lot of tenants sometimes feel frustrated due to the slow response of the property owners in handling maintenance issues.
So having someone on-site to take care of these issues as they arise is vital. That is why giving the fastest and best response for handling maintenance issues has become one of the keys to maintaining tenants’ experience.
4. Market Your Property
Marketing is the most crucial thing in the business. Without an analysis of the right market, you have the potential to target the wrong target market and cause your property not to be recognized by travelers. You definitely don’t want to miss a lot of opportunities because you can’t market your property properly, do you?
That is one of the important tasks and mandatory skills that a property manager or property management company has. A property manager needs to accurately create and implement the right marketing strategy. Examples include choosing the best OTAs for registering property listings, creating advertisements, social media marketing optimizing property listing ratings, and more.
How Do You Switch Property Management Companies?
Consistency is indeed a key to your property business. Consistency is what will be able to produce results in accordance with your expectations. However, what happens if you don’t get results that don’t match your expectations?
Not getting the results you expected is a sign that you need to make a new decision, such as changing your current property manager. Making this decision requires careful consideration. Without further ado, here are some steps that we recommend that you to follow for consideration:
1. Identify your problems or challenges with the current property manager
The first consideration is to pay attention and identify any problems that occur in your property with the current property manager. These things could be a lack of good communication, slow response to issues, poor performance, and so on.
To identify the problems you face is an important step in finding the ideal property manager for your property. Think about what your property’s real needs are. Don’t let your next be unable to solve your current problem.
2. Define your expectations and goals
After you know your problem, now is the time to focus on determining the expectations and goals of your property business. Setting expectations and goals also requires accuracy.
We recommend that you create goals using the SMART method (Specific, Measurable, Achievable, Relevant, and Time-based). SMART is one method that you can use as a guide for setting the right goals for your property business. See more here.
3. Consult with your property manager and prepare the documents to have ready
After you know what goals and solutions you want for your property business, try to consult first with your current property manager. Consult some of the improvements that you expect to the problems or obstacles that have occurred so far.
If your consultation doesn’t meet your expectation with your property business, then you can take a decision to off board from your current property management. Prepare all documents that are required by your property management companies to off board. Off board from current property manager might took some period of time, but while you are waiting for it to be done, you can start to find other property management companies. Here step-by-step how to start searching another property management.
How Do I Hire a New Property Manager?
1. Do research and make a list of new property management companies
After you decide and off-board from the current property management, it’s time for you to turn over a new leaf. Do some research on some reputable property management around your property area and make a list.
You can start researching property management companies through Google, then look on several lists that appear on the first page of Google. A study found that top result of Google captures 33% of search traffic. The higher the ranking, the better the reputation and trustworthiness.
The The property management list that appears on the first page of Google can be your consideration because it proves that they have quite a number of searches and have been proven to be trusted by several other property businesses.
2. Ask for referrals
Getting recommendations from people you know and trust can be one of the first steps for your research. You can ask friends, colleagues, or family members who are also in the property rental business.
Ask them how their current property management is performing. You can start by asking what their strengths and weaknesses are, what benefits you can get, how long they have worked together, and other things.
By asking for referrals directly, you will get honest reviews that are not made up. You can even directly see the results of their property’s performance, whether it meets your expectations or not, for consideration.
3. Look at their reviews
Not only by asking through referrals, you can also look for reviews through the property manager. You can find it on the platforms they have, such as websites, social media, and others.
The reviews that are displayed are usually testimonial stories of how the property manager can provide solutions to their problems. From there, you can assess whether the property management can give you the solution you need or not. Think carefully before you decide.
4. Compare prices
The final step is to compare the prices of each property management that you have researched. Ask a few questions to determine the approximate price the property management will charge per month or per year.
Here are some examples of questions you could ask:
- Do they charge a flat fee per month or take a gratuity commission on every rental or booking they make?
- What benefits will you get at the set price?
- Do they charge extra for property maintenance and other management services?
- Do they still charge if your property is vacant?
- What are the schemes and consequences in case of termination of the contract between the two parties?
Finding the right property manager does require more effort. You will be letting other people handle your business for a long time, so choose the best one according to your interests and needs.
Make sure you choose a property management who can not only bring you maximum profit for your property, but also optimize the property, and bring value to you as a property manager. We understand what most property owners want, so Bukit Vista uses a ZERO MANAGEMENT FEE system.
The ZERO MANAGEMENT FEE system makes it easy for owners in terms of costs because we only take a percentage commission from every booking we get. There are various price variations that you can get and also benefits that can help you in optimizing your property. Also, visit our website HERE to learn more about how we can help you. Contact us now and we will take a notes of what are you looking for.