Making Property Management Easier

Managing investment property is not easy. You worry about the upkeep, keeping tenants and receiving rent payments. The broken appliances happen at odd hours and solving tenant complaints takes up valuable time. It takes more and more of their time and money to maintain. Unfortunately, investors quickly become weighed down when the investment upkeep is more work than anticipated. The solution for many investors, then, is to hire a reputable property management company to take over managing the property.

A good property management company frees the investors time and keeps good records and repairs in the property. Hiring a company to manage the property will streamline your business if they provide the services you need at an agreed upon fee. So, what should you consider if you are interested in hiring a manager for your property?

One important detail you need to know is how much the company fees are. The national average is around 4 percent on the income from a large rental property, while single homes are often over 12 percent. Be aware of the fees charged, the required payment schedule and what services are included before you sign a contract and exchange any money. Ask what the fees will cover. Do they deduct their fees from the monthly rent collected? Spend a little time finding out how they deal with other expenses as well. Will they send invoices to you to be paid or will the company be including insurance premiums, repair bills and other expenses in their fee?

Ask them about other properties they have managed. Get the addresses of a couple and check them out. Drive by them to see the type of outdoor work they do. In addition, the management you hire should be familiar with the type of investment you own. In other words, a manager experienced in apartment buildings probably would not be a good match for a single family home or commercial property.

Speak with the actual person who will be handling the property whenever possible. Good communication with those you hire must start early in the relationship. Get references from their previous experience.

The property management company will be able to show you the types of advertising they do. You should also find out the cost of the advertising. It will be different for newspapers, television and online. Do they have a web presence? Is it easy to navigate? Can prospective tenants apply online?

Do they hire cleaning contractors for preparing vacancies? Can the cleaning be done quickly to ensure you are not losing valuable time and money while the place is prepared for tenants? Do they have contractors for repair and landscaping needs?

What are the hours the property management company is available and if they are available after hours for emergencies?  How close is the management office located to the investment property? If it is a commercial building, are they located within the building itself for quick response to complaints? The company should be located close to residential property as well to be on hand to solve problems as they occur.

Hiring a property management company to oversee a real estate investment frees up the time an investor spends on the daily operations. The company hired to manage the investment allows the owner to feel less overwhelmed. The owner can spend more time finding other profitable deals that can be passed onto the company to manage.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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