When looking for property management specialists, consider their experience, responsibilities, duties, references, and costs. Find someone who specializes in your type of property and ask for referrals from similar clients. Property managers typically charge a percentage of rent collected.
Property management specialists are responsible for managing a residential or commercial property. You may be an individual who is looking for property management specialists to find a renter and manage the property on your behalf. You may be a commercial property owner who owns an office building looking for Property Management Specialists to deal with corporate and prospective tenants on your behalf. Some of the characteristics you should look for include experience, responsibilities, duties, references and costs.
The first characteristic you want to look for in prospective property management specialists is that they have experience with your type of property. For example, if you need someone to manage an apartment building who deals with residents, this is different than a property manager who works in commercial office rentals.
Once you have a list of property management specialists who specialize in your type of property, you want to find out exactly what the company’s responsibilities and duties are. You should also find out what role you continue to play when you hire the property manager to manage your property.
Typically, the property manager handles everything from collecting rental payments to scheduling repairs on your behalf. Generally, your responsibilities typically include paying mortgage and property taxes on the property and collecting rent payments from the property manager, minus the fee for having the company on your payroll.
You should also ask the property management company for the names and contact information of some of their other clients. Gather referrals for the same type of property you need to manage. Make sure that the reference also had the property manager responsible for the same or similar duties, so that when asking questions about the references, you can compare your needs with the references’ experiences.
While the cost of hiring property management specialists shouldn’t be the only consideration, it does play a role in choosing a property management company. Typically, a property manager charges a percentage of the gross rent amount that the manager is collecting on your behalf. The percentage can start at a minimum of 5 or 10%. In some areas of the country, the percentage may be higher, such as 18% or 20%. The percentage may vary according to your duties and responsibilities or property management specialists may simply charge you a flat rate regardless of your duties and responsibilities.
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