If you are a landlord, property management services are vital for your success. You can do everything yourself, but this takes time, and you may not be ideally suited to a lot of the work you have to do. A growing number of landlords turn to property management service providers, as this offers a better return on their time and money. At Andrew Lees, we are pleased to say we have helped many landlords care for their rental property, and tenant, and here is a best practice guide.

Effective and regular communication is vital

While you don’t need to be in touch every day, property management works best when there is proper communication, and all relevant matters are taken care of. There should be clear and regular communication between the property management service provider and the tenant, and the property management service provider and the landlord.

It is likely tenants will have many questions about the rental property, and landlords want to know how their property is faring. Every party should feel empowered to ask questions, and a good property manager will answer these questions. The property management provider should also be proactive in communicating with everyone, ensuring problems don’t arise due to no or bad communication.

Property management thrives on good accounting

A key reason so many landlords turn to property management providers is that the professionals know how to manage accounts. A lot of landlords struggle to manage the financial aspect of their business, and this often leads to short or longer-term problems.

There are many outgoings when managing a rental property, and there is a need to set aside money for monthly maintenance work and unexpected issues. There is also a need to ensure cash is brought in regularly, and an excellent property management service provider balances the ins and outs, ensuring landlords have fewer things to worry about.

An effective maintenance plan is essential

You cannot wait for problems to arise in a rental property; it is far better to be proactive. Devising a maintenance plan, where issues are resolved quickly, and the property is regularly assessed for new problems minimises disruption, and can lower costs in managing the property.

Also, there should be a maintenance plan in place that reacts to tenants’ requests. To encourage a tenant to cite problems in the rental property, there is a need to act quickly, as this will offer confidence to tenants that they are being listened to and respected. Implementing the ability to improve the rental property, and react quickly to requests, will create a level of respect between landlord and tenant.

Property management is often about finding new tenants

A good property manager keeps tenants happy, which can extend their stay, but there are times when a property manager must focus on finding new tenants. In some ways, this is an ongoing process. A property manager should stay in touch with the local market, look at demand, and make sure they know how and where to find the most suitable tenants to fill the property when it becomes available.

Property management is also about bringing the right tenant into the property, which means vetting applicants is a significant part of the service. This is something many landlords need help with and is why they turn to property managers.

If you are looking for the best standard of property management service, we can help. We offer a free valuation service, and if you would like to discuss how we can help you, contact Andrew Lees today.