Professional property managers are sometimes individuals but usually those individuals will work for a property management company and so if you are a property investor, someone that buys properties in order to rent them out, you will want to know of the property management companies in the area where your property is located. You can do this by going online and looking at the various websites for local property management companies and by looking at those websites, like the official website of SRG Invest, you should be able to determine if they seem professional or not. Having selected 2or 3 that look the most promising, an investor should then contact each one to determine several things. First of course they will want to know the charges the property management company charges but they should also ask how the company chooses the tenants as that can make a big difference to your overall income.
Hopefully when an investor has hired a competent property management company, when tenants are needed, the company will adequately advertise the property being available to rent, ensuring the largest possible number of potential tenants from which to choose. The company should them accept the tenant application which is most promising of regular, on time payments. The property manager’s decision cannot be made on nationality, religion or race but it can be made on a potential tenant’s financial standing. Ideally a property manager will select a tenant that is in receipt of a good income, adequate to be able to meet the rent payments and has a good record with previous landlords. Non-payment of rent can be a big problem without good property management and evictions can be troublesome and can lead to bad publicity and so accepting only good tenants in the first place, is essential.
Although a property investor will be making income from rents, they still want the property to maintain its value and so proper and timely maintenance is essential. A good property manager will maintain a property in their charge in good condition, often not waiting for tenant to make a complaint about something but instead, keeping the property in a good condition, with period maintenance checks which they oversee and ensure are done professionally.
Buying properties in order to rent them out has been going on for hundreds of years and as long as people still need roofs over their heads, will go on for hundreds more. This means that this type of property investment can be very profitable but only if the property is managed properly with the rent being collected regularly. Although the owner could manage the property themselves and save perhaps the 10% charge a property management company may charge, most prefer not to as they are often located somewhere different from where the property is, they do not want to be involved in the collection of rents or just because they do not want any of the hassles involved with property management. The choice is of course theirs but they should at least ensure the manager they hire is professional.