Property Managers: The Basics

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If you’re a property owner but getting a little sick of the daily work, or are thinking about relocating then a property manager might be exactly what you need. Once you’ve hired a manager you’re responsibilities dwindle down to making payments for any existing mortgage, property tax and insurance payments. You can even hire a property manager who is willing to take care of your financial responsibilities, if you trust them enough.

Trust plays into a lot of your agreement with the property manager, you can trust them to handle all of the repairs and maintenance and to deal with your residents directly. Or you can still have a finger on the pulse of things and make sure the repairs and maintenance are handled in a way that you find satisfactory and make regular checks on your tenants to see that they’re still happy.

 

Another aspect that your property manager can be responsible for is finding new tenants, but you may want to have final say in the approval process. Ultimately, it is your property and you stand to lose if the tenant is bad, but with a trusted management company you should feel at ease. And this also brings up the best part of having a property manager, they are responsible for evicting bad tenants and they should be very well versed in all of the legal proceedings and steps necessary.

 

Of concern to most land owners is the cost of a property manager. Expect to pay somewhere between 5 and 10% of the rent fees collected, but don’t expect it to stop there. Each company has their own fees and price structure and may ask for considerably more. As with everything, do your research to make sure you’re getting exactly what you’re looking for.

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