Property management is much more than just collecting rent and hosting guests. A good property manager handles almost every detail from check-in to check-out process and more. Finding prospective tenants, pricing, marketing, taking professional photos, taking care of day-to-day maintenance issues and communication with the tenants are just a few examples that your property manager should do for you. The right manager will save your time and increase your profits by assuring that everything runs smoothly while you sit back and behold your assets working for you. But how do you find the right company that manages your apartment in a reliable and profitable way?

Here is a 5-step guide you should read before deciding on subletting your apartment:

1) L ook how they advertise – They must be able to create listings that attract guests. Find a property management company that takes advantage of Internet’s capabilities to use good quality photos and proper descriptions for every apartment to create attractive and engaging listings. Always check if the properties they manage have good reviews, and in the negative ones, try to understand what the guests were unhappy about. Keep these questions in mind: Do they use good quality photos? Do they use language that is clear and coherent? Do they have a track record of 5 star reviews on review sites? One good example is Dream Stay Apartments. You can check their website at https://dreamstay.ee

2) Set proper expectations/ask the right questions – For an investor it is important to properly align your expectations and interests with those of the property manager. Ideally, you want to have a long-term relationship with your property manager. Good working relations mean that you will retain full control over the decisions: when to put your place up for rent and when to keep it for your own use. To get an idea of the property manager’s expertise, be sure to ask the right questions: What are your goals for the company? Are you a landlord yourself? How many rental units do you manage? How many employees do you have? How many years of experience do you have in property management?

3) Make sure of their management system – A good property manager can describe their methods for collecting payments, performing routine maintenance, resolving disputes and handling emergencies. As ensuring high levels of cleanliness for your tenants should be a top priority, agree on a cleaning standard. Like it or not, property management is a 24/7 undertaking, so the manager you’re looking for should have procedures in place for handling all concerns whenever they may arise. Keep these questions in mind: How is maintenance handled? Are they available 24 hours a day? Do they use outside professionals or in house maintenance personnel? Do they have a 24-hour emergency maintenance line for tenants to contact?

4) Communication - A property manager will be representing you when dealing with the tenants of your property, therefore they must be able to communicate with you quickly and effectively at all times to inform you of necessary repairs or check in to see if there is more they can do. If they lack professionalism or attentiveness in this area, it will end up costing you money at the end. Make sure they are easily reachable. What kind of guest support system do they have in place? Do they handle all communication and booking enquiries with the tenants?

5) Check their fee structure and the fine print in the contract - Have a look at their management contract and get a clear understanding of how they charge for management and what fees are for you to pay. You might be tempted to go for the cheapest option when choosing a property manager, but keep in mind that the manager who charges less might not offer all the services you expect of them and not invest as much time and effort into your property as you’d like. Keep these questions in mind: Under what conditions can you terminate the contract? What fees do you have to pay and do you have to pay them upfront? Who pays for cleaning fees?

Here you may find additional qualities to look for in a property manager:

1) Organization – detail oriented, staying on top of things. The ability to coordinate several tasks at the same time.

2) Experience – knowledge in real estate laws/regulations, industry specific knowledge such as knowing how to market your property effectively and get it exposed to the maximum number of tenants. Find a property management company such as Dream Stay Apartments that has more than a decade long experience and local knowledge that is vital to ensure prize optimization and maximize your returns.

3) Flexibility – a good property manager is able to perform maintenance on short notice, and has the ability to manage through problems as they rise.

4) Strong communication skills – ability to clearly convey to you and your residents. One of the most important qualities is to work well with people.

5) Transparency – the fee structure is transparent and contract terms are clearly defined.

You can find more information about subletting your property from Dream Stay Apartments or e-mail directly to info@dreamstay.ee.

Dream Stay Apartments

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