Here’s how to avoid hiring a crook to run your property

Whether you are planning to let a shopping mall, an estate or even small housing units such as hostels and residential houses, engaging a property agent to run the business on your behalf might just be a prudent idea.

Renting out a property requires a lot of work and commitment, which many property owners do not have the time or the inclination to put in.

Managing agents, or rather property agents, can provide a range of services; from rent collection to addressing the legal aspects of your properties besides managing the day-to-day running of the property as well.

Diana Gachuhi, director at Signature Africa Property Consult Ltd, talks about what you should look for before hiring property agents or managers.

What crucial factors should you consider before hiring?

As an investor, after you spend money on construction and pay professionals to put up a building, it only makes sense to get a professional to take care of your investment. There are many quacks in the market, so it is important to check the property

manager’s experience, qualifications and professional affiliations. Avoid cutting costs by employing unqualified staff and remember low fees do not necessarily mean that you will get professional services.

Cross check whether the agent you are dealing with is registered either with Estate Agents Registration Board or Institution of Surveyors of Kenya and the registered agents are listed by these bodies. Additionally, when hiring a company to manage your

estate, then you should scrutinise its past performance with other properties that they managed; their experience and the outcome. Also take the size of the company’s staff into consideration, for instance, do they have the capacity to handle the property?

What are the benefits of hiring a property agent?

Hiring a qualified property manager to manage your commercial or residential estate ensures professionalism. A good real estate agent or property manager does far more than just let your home and collect your money for you, the consultant says.

A good property manager should play a big role in the maintenance and management of your property. They will handle tenant issues, carry out timely maintenance, ensure that you comply with the statutory requirements, efficiently collect the rent and

service charge, keep accurate records, and be accountable for all funds received and will keep you informed through reports and meetings.

In the long run, the value of your investment will increase you will have a peace of mind .

The other reason why you should consider hiring a property manager is that they help provide a buffer between you and your tenants. If there are any problems with late payments or damaged property, the property manager deals with these issues so that you can avoid any unpleasant confrontations.

They also facilitate mediation in case of late payments (coordinating the debt-collection service if necessary), organise emergency repairs, maintenance and even handle the payment of various bills.

A property manager can help you find suitable tenants to help you avoid periods of vacancy and income loss. They will be able to employ all the necessary marketing methods to ensure that your property is highly visible to potential tenants.

Above all, a good property manager will be aware of the market trends and offer advice to you that will help in the management and diversification of your investment.

How is payment for property managers determined?

There are fees set by the registering bodies. The Estate Agents Act Chapter 533 outlines the schedule of fees. The Act is currently being reviewed but it provides the guidelines for the fees to be charged for management services.

However, more often than not, the fees are set by mutual agreement between the landlord and the property manager.

How does one find a good property manager?

The Estate Agents Registration Board website will give you a list of all the registered real estate agents who can manage your property. The Institution of Surveyors of Kenya will also be of help.

You can also find a good property manager through referrals from others. You may also issue out a tender or pre-qualify your service providers and this gives you an opportunity to go through their profiles and meet with them.

Lastly, an investor should give the manager all the information relating to the property.