The proliferation of property rental management companies can make choosing the best management agency for your property a tricky one. As in any industry, it’s difficult to sort through a business’s own hype and reality. Entrusting as valuable an asset as your property to a third party, can be incredibly risky. This means that the onus is on you to do your homework before making a decision.
If you’re unsure how to go about this process, fear not. We've compiled a list of six qualities that industry-leading property rental management companies have in common.
- Property rental management companies have to be registered with an industry regulator.
Reputable property rental management companies in South Africa will be registered with the Estate Agency Affairs Board
. In addition, registered companies are required to annually renew their Fidelity Fund Certificate. Agencies who’re registered with this government outfit are only rewarded with a renewed certificate once they've been audited – which means that prospective clients can rest easy, knowing that the company is a legitimate operation.
- Property management agencies should be willing to supply client testimonials.
Property rental management agencies who provide sterling service will be more than happy to supply prospective clients with testimonials. Word of mouth is an effective means of gauging whether or not to entrust a company with the management of your property. Companies can be quick to sing their praises, but the real determining factor is their reputation.
- A transparent management agreement will ensure that both parties are aware of their individual responsibilities.
It’s vital that a property rental management agreement clearly defines the roles of both parties. Roles and responsibilities of the various parties involved (the owner of the property, the property rental agent and staff employed on the premises) need to be explicitly defined in detail.
For example, expert property managers ensure that a building is thoroughly cleaned, and that the necessary pest control procedures are completed prior to letting. In addition, a good property manager will have reputable service companies on call. It’s imperative that your property rental management company sees to it that all maintenance issues are addressed in a timeous and professional manner – and that you’re updated on the progress throughout.
If they know that a business is moving out on the 31st
May, and that a new tenant is moving in on the 2nd
June, the property manager would have liaised with you to have a cleaning company attend to the property before the new tenants move in.
- They specialise in the management of your particular type of property
When evaluating various property rental management companies, it’s advisable to use a company who deals exclusively with commercial, residential or industrial properties. If you own an apartment block, but use the services of a management agency who deal predominantly with factories, there’s a chance that they’ll lack certain specific skills (such as dealing with tenants, for example).
Make sure that the management of your property is a streamlined process by choosing a company that’s well-versed in the particular challenges and requirements of your specific type of property.
- Lengthy industry experience is indicative of superior service.
Along with a stellar reputation, companies that’ve been in the industry for a considerable length of time, are more often than not, the ones most adept at their job. They’ll be familiar with the intricacies associated with managing a property, as well as the best way to approach them.
Adversely, property rental management agencies that are new to the industry won’t necessarily have the know-how to deal with emergencies, legal matters or problematic tenants. It’s advisable to use the services of an established company in order to avoid issues that have arisen purely due to a lack of experience.
- The aid of a legal adviser who specialises in property law ensures that properties are managed by the book.
The efficient management of a rental property entails several legal requirements. Without the aid of an experienced lawyer, property rental management companies put you, your tenants and themselves at risk.
Avoid this by choosing a management agent who’s familiar with the legalities that apply to your particular property (these differ in commercial, residential and industrial properties) and has an experienced lawyer on hand to deal with any problems should they arise.
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