Property management knowledge and experience is very important for managing the properties that are in your portfolio. The care and attention that the property manager takes with an investment property can make a huge difference to the success of an investment property.
If a property manager is actually careless with the management there are various things that can happen, a number of which are listed below:
Rents will quickly accrue and will be difficult to recuperate, even to the point where there may have to be legal proceedings. You can get help through http://www.angusreed.com/.
Tenants damage the property
Maintenance is not kept informed and over time what could have been 'repairs' become 'replacements' the industry much more expensive exercise
Rents are not achieving full potential considering that the property is not as appealing and competitive as others on the market due to it looking 'tired'
There is major damage to the property and tenants are certainly not removed promptly
So to ensure that your property will be managed properly below are a few tips:
Research the area and listen to where the good property administration teams are. Speak to them and interview them to uncover exactly what services they deliver and what charges they produce.
Check that they send you monthly reports about the property and three monthly evaluation reports. In this day and age there's no excuse that they cannot consider dated photos to send to your account.