If there’s but one thing to know about property management services, it’s that these are offered to ease the burden of property owners, and even homeowners associations or HOAs. And if you’re looking for a property manager for the oversight of your real estate investments, keep in mind that property management companies worth their salt will always have the best interests of their clients at heart. Anything less than this could prove to be a waste of your time and money in the end.
To learn more about the services offered by a property management company, here are a few common questions frequently asked by property owners :
1. How do I find the right property management company?
Whatever service you’re in need of, whether or not it is related to your property, it’s always a prudent move to do a bit of research and then create a shortlist of “eligible candidates.” To find the right property management company, identify first which category your property falls under: residential (single or multi-family), commercial, industrial, or special purpose (sports venue, theater, senior home facility, etc.). From here, you can narrow down your search.
Once you have a number of property management companies in your list, it’s time to talk to each one in person (or in a live, virtual environment). Do not accept property management services from anyone without personally talking to an actual property manager from the company.
2. What specific property management services do I need?
As for services, these will also depend on the type of property. For instance, with a residential or commercial property for rent, you could be looking at a property manager who will take care of rental details: tenants, collecting monthly rental fees, property maintenance, and the like. It’s important to know exactly what you want for the property in order to identify the specific services you will be needing.
3. How much does a property management company charge?
The cost to hire a property manager also depends on several things: your location, type of property, extent of services, and whether or not they are an independent/private property manager. But just to give you an idea, the usual charge of a property manager hired to oversee a rental property is more or less 10% of the rental fee. So, for instance, if your tenants are paying you $1,000 dollars for their monthly rental, $100 of that will go to the property manager.
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