Real estate and property management pretty much go hand in hand. Without a property manager, the day to day responsibilities of an estate can go haywire. Here are a few good reasons to hire a property management company.
What a Property Manager Does
- Deals with tenants on the property owners’ behalf
- Resolves tenant complaints
- Keeps the property well maintained
- Makes sure that the property is in compliance with the law
- Manages income and expenses, such as collecting rent
Invest in a Property Management Company When…
- You have multiple properties/rental units and are unable to manage each one of them.
- You stay far away from the rental property and cannot carry out day to day maintenance of the property.
- Real estate is your side business and not a full-time job.
- Hands-on management isn’t your cup of tea.
- Time is a constraint for you.
- You wish to earn a few extra bucks from affordable housing programs.
- You are willing to pay the management company approximately 5%-10% of the rent revenue.
How to Contract a Property Management Company’s Services?
- Obtaining recommendations from a local apartment association can be of great help when searching for a property management company.
- Explore professional directories and websites on the Internet.
- Institute of Real Estate Management (IREM)
- National Association of Residential Property Managers (NARPM)
- Interview a few property management companies before arriving at any conclusion.
- After selecting the manager, request an agreement that clearly states his/her duties.