It is one thing to own property and another to over see it. When you own lots of property, it becomes difficult to take care of each of them effectively, especially if they are scattered around the country enter the property manager. This is a person or a firm who would be in charge of helping you, the landlord liaise with the tenants.

Expectations
Before getting a property manager, examine what it is you want from them. There are two types of property managers, the residential property manager, and the commercial property manager. So depending on your property and what it is used for, you will get a manger who can meet those needs.

“Managing property involves various things such as preparing financial reports, collecting rent, paying taxes, so the client needs to know if they will need the property manager to take care of all these, or have them do just a few of them,” says Hillary Babuzire, a property management consultant.
Knowing your expectations makes it easy for you to look out for only those managers who will be able to meet them.

Do your homework
Before you put that property that you strived to get into a stranger’s hands, find out their reputation by looking at clients they have dealt with in the past.
“It is best to ask the management firm to list at least three references that can show that it is competent, without reasonable doubt,” Keith Mbaluba, a lawyer in Kampala advises.

Companies that have been around for a while and have a good reputation with their clients are a good place to start since they have the hand of experience on their side. These are also usually more adept at managing your expectations since they have worked with different people.

Knowing the local market
It is a big plus if the property manager you get is aware of the type of market in which they are working. Knowing the market means that they know how much rent to charge, what kind of space is in demand and how to make your property keep up with the expectations of today’s buyers or tenants.

For instance, a good property manager will know how to make that building fit enough to house a factory, if they know that it is located in a place where people are planning to set up one.

With the number of businesses springing up today, there are bound to be some, which are in place illegally. And it would not bode well for you to put your property in the hands of one such company. So if they have all the certifications and licenses that they are supposed to have, you can have your lawyer look at the laws and guidelines that property managers should adhere to in Uganda.

Accounting skills
When you sell or rent out your property, money is involved. Mix in the money spent to maintain the property, pay the necessary taxes and you have lots of money going in lots of places, which you may fail to notice if you don’t have a handle on them. This is why it is important to keep clear accounts of this money.

So it is important to get a property manager who has good accounting skills because they will reduce this load for you.
“I appreciate my property manager every time I look at my financial records because I can see exactly where every shilling goes without having to ask too many questions,” Sheila Mpiima, a property owner in Kisaasi says.

The property manager you choose will not be dealing with just you or your property, but also with people who come with their own character. The property manager therefore should be able to deal with these people in a proper manner and establish a good relationship with them.

A good relationship means that the tenants will be happy to pay rent on time, stay on the premises longer, and recommend other people to use your property. So choose property managers who are helpful and courteous to both you and the tenants.

Seal the deal
You have found a property manager that you believe will meet your expectations but before you hand over that property, there are some knots that you have to tie.
The first is to have your lawyers draw up a contract, together with the lawyers of the potential manager.

“The contract protects the land owner when the property manager messes up. It is the one thing that proves that the property manager is accountable to you who owns land so without it, there is no way of knowing the terms you agreed on,” Mr Mbaluba says.

This contract should show when your partnership with the property manager starts, for how long it will be, when it will be renewed if necessaryand the penalties for breach of contract. So this will show that the two of you are in business, and the consequences the property manager will face if they do not do what you have agreed on.

The contract should also have the terms of payment so that the property manager is aware from the onset what to expect from doing business with you.
So do not let that property sit because you do not know what to do with it. Go get a property manager who will help you grow it.

•Looks for tenants or buyers and screens them.
•Handles all maintenance and renovation of the property.
•Collects money from tenants and buyers.
•Advertises property for sale or rent on behalf of the land owner.
•Makes sure that the property is compliant with all rules and laws. For example insurance and licenses.
•Prepares financial reports showing all revenue and expenses.
•Handles tenant complaints and inquiries.
•Looks out for potential property you would like to buy.

By Grace Kenganzi, Daily Monitor

LEAVE A REPLY

Please enter your comment!
Please enter your name here