Renting out properties is a great way to make money in real estate in Nigeria, offering a steady income stream. However, many landlords find dealing with tenants challenging. While some prefer managing their properties, it can be time-consuming and stressful. Hiring a property manager or management company can ease this burden. Here are some questions to ask before hiring a property management team in Nigeria:
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- How long have you been in business?
- Experience matters in handling various situations.
- How many properties do you manage, and how many employees do you have?
- Ensure the company isn’t understaffed, affecting the quality of service.
- What type of properties do you manage?
- Confirm they have experience with your property type.
- When will you need to communicate with me?
- Clarify the communication frequency for repairs, tenant questions, and updates.
- What are your management fees?
- Check if the fees align with the standard 10% of monthly rent in Nigeria.
- Do you have any extra fees?
- Inquire about additional charges for repairs, marketing, account setup, etc.
- How do you handle late rent payments?
- Understand their approach to late payments and rent collection tactics.
- How are repairs and maintenance handled?
- Learn about their process, including working with contractors, for building maintenance.
- Can I cancel my contract if unsatisfied?
- Ensure flexibility in case you’re dissatisfied with their services.
- How do you determine market value?
- Confirm their method for setting rent values and ensure it aligns with market rates.
Taking time to select the right property management team in Nigeria is crucial for the success of your investment
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