Solo property management can be stressful, and juggling several investments at once can come with plenty of risks. Landlords will be stretched too thin, and they could end up with empty properties, despite Ireland’s housing crisis, for months at a time. Any property owner knows how disastrous this can be for their portfolio, so how can you overcome this?
One approach would be to find the best property management company to take the stress out of searching and find a property that’s perfect for you. But, how can you separate the good companies from the bad ones?
While years of experience are not always crucial when choosing a property management company, landlords will typically opt for a firm with enough experience to know what they are doing. But, even this is not enough sometimes. Landlords with office properties should look for companies that have experience managing desirable properties for businesses. Conversely, residential landlords would require a company used to working with private tenants. Whatever type of property you own, it’s essential to research the prospective management company’s experience before anything else.
The tenant screening process is one of the most important parts of renting property, but individual landlords may not have the time to see everyone who shows interest. This is where a property management company becomes so vital. All companies will have a specific approach, but the best companies will carry out thorough background checks that include credit ratings and references from previous landlords. Doing so will weed out tenants that may not show your property respect and will ensure a successful tenant//management/landlord relationship.
Good property management companies will not just know the property inside out, they should also have a strong knowledge of the local area. This is especially useful if the new tenants – whether a business or residents – are new to the area. A management company that knows the surrounding landscape inside out, such as the location of supermarkets and hospitals as well as access to motorways, will help your tenants settle in. If possible, the property manager should be close enough to check in on any issues in person, rather than relying on phone calls, emails, or photographs.
Business relationships should be built on trust and availability. The best Irish property management company will be ready to answer any call no matter what time of the day. As the landlord, the last thing you want is to be woken up by a phone call at 1 AM with a leaking toilet, and property management companies will have systems in place to respond to any problems quickly. This will give you the peace of mind that any issues are solved without you needing to visit the property. Instead, you can trust that your property is cared for no matter the time of day.
Finding the best property management company will ensure each of your properties is filled with quality and respectful tenants, whether residential or commercial. If you can trust a property management firm to deliver time and again, it will be the best decision you have ever made.