Property management companies are entities hired by property owners to take care of the relationship of the property owners and their tenants. They manage the repair, construction, maintenance and development of the property. Few of their duties include rental collection, maintenance issues, vacancy advertisement, and screening of tenants. They can also assist the property owner in the tenant eviction process.
If you are the owner, it’s important to get property management quotes before enlisting in their services. The fees are typically between 3% and 10%. Other fees such as maintenance and repair are handled separately. Lease commissions may be collected as well. Apart from the cost of hiring a property manager, consider the reputation and experience in property management. Even if you have a property manager to take care of your business, certain responsibilities must be observed at all times.
A property manager frees up from all the mundane tasks of maintaining your property. Your responsibility of property tax, insurance and mortgage, however, is still with you. Your property manager is expected to take care of the maintenance but sometimes might do something wrong that will likely to affect your business.
For example, if your property manager has failed to address and solve maintenance issues, the rent could go down. If he involves with so many repairs, the expenditures will eat up your profits. Or neither of the two scenarios will happen because he is a highly competent and dependable person.
Most property owners prefer to accept the tenants by themselves. If you are not keen with this, you can add this responsibility to your property manager as part of his job. Just make sure that you provide the criteria as to which ones to accept or not. Also, make sure that both of you agreed up to what amount he can act upon in terms of capital improvements and repairs. A toilet fix need not be brought up to you but new carpeting or roof changes are a different story.
Few responsibilities that property managers handle:
- Collecting the rent
- Arranging for repairs
- Overseeing repairs
- Sending notices to tenants for late or nonpayment of rent and any violation of the rules
- Get approval for capital expenses
- Oversee possible eviction
- Provide an accounting of money received and disbursed
In other words, property managers are your eyes and ears in the field. You pay these people to do their jobs and if you are not really happy with their performance, maybe it’s about time to find another team that is more qualified to do the tasks. Before signing any contract, ask all possible fees from advertising to trip charges. Get quotes from multiple property managers for a well-informed decision.
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