What to Expect from Your Property Manager

Posted on 07. Jun, 2008 by in Investment Objectives, Property Management, X~Factors

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Over the years, people have often asked me exactly what their property manager should be doing for them. And as you will appreciate, everyone's expectations will differ.

However, once you have acquired your Commercial investment, your Property Manager should (as a minimum) be striving to ensure that:

  • Your property remains let to good tenants.
  • Those tenants pay their rental by the due date.
  • Your managers will act as if the property were theirs.
  • The tenants will be treated as your business partners.
  • All maintenance is undertaken by reliable tradespeople.
  • That maintenance would be fully detailed and carried out cost effectively — but always with quality workmanship.
  • You would be notified well before each tenancy becomes vacant.
  • Every possible step is taken to re-let that tenancy.
  • Your rentals will be reviewed at appropriate intervals, to reflect a fair market rent.
  • Timely payment of any outgoings occurs on your behalf.
  • Your monthly statement and rental cheque are sent to you promptly.
  • Your property is regularly inspected.
  • All Essential Services requirements are met.
  • You are alerted to any regulation changes affecting the property.
  • You receive accurate advice on any insurance requirements.
  • All opportunities to "add value" are maximised.
  • Your property is kept competitive in the market place.

This is not intended as an exhaustive list, but merely a guide.

And if you already have one or more Property Managers, you may wonder how you can quickly gauge whether they are on top of things?

To give you a hand, I'm putting together 17 Questions you can ask — to ensure your current Property Managers are doing their job.

And I'll try to let you have these during next week.

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