Buying a property is often seen as an important financial transaction however as a landlord the biggest concern that people often faces is dealing with the deceitful property managers. This problem is significant and is faced by almost all new property owners. If a right manager is not chosen, a landlord can lose large amount of his hard earned money. An unscrupulous real estate manager can dupe the people of their security deposits and many other important things. Therefore be wary of such people.
Sometimes these managers are seen removing different expensive appliances that are present in the house and fix the same equipment again but the owners are billed for the repairs later on. Usually severe months have passed by before any fault in such appliances can be found. Therefore if such dishonest property managers deal in several properties, they have easy access to large amount of money. With the passing time, it becomes almost impossible to recover the money.
These people have good knowledge of law and it is way too costly for an individual to sue them. A police report can be filed against them however the police officials are already preoccupied with a large number of cases to look into such cases. So what can be done be a person to protect himself from becoming their victim?
The first and foremost thing to do is to completely investigate the company and individual before hiring one. A background check is also important and it is essential to search the manager’s name for complaints and reviews. Get in touch with previous clients of the manager and see what they have to say about him. Most importantly it is required that the manager be licensed by the department of real estate. If he does not have a license, do not work with him.
Remember to work with a licensed estate broker agency. As they are licensed, they can only keep highly experienced professionals. Next conduct a thorough check before hiring an agent to be sure that the person is not dealing with any police case. If you have hired a person, it is essential to keep a contact with him on regular basis and before you plan to opt for any repair ask for before and after pictures as a substantial proof.
Make sure that your property manager promptly returns your calls. This is seen as a number one complaint when dealing with non-professional managers. Home inspection should be conducted twice in a year with clear photographs of the house. It is also of great relevance that all the deductions made in the bill should be questioned. Always remain clear with your accounts. If your house has been rented out make sure to collect the rent before paying the manager’s fee.
These small yet effective tips can help a person to save his hard earned money. So know well before making an investment and remember to deal only with professionals from the industry. A property manager hired for lesser amount of money can seem to be getting costlier in the longer run. Therefore always check the estate manager’s reputation when dealing with real estate transactions.
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