Real estate is a very successful business these days and property management is the tip of success for the estate agent. It appears that every real estate agent is rushing into the property management area regarding real estate these days. Actually it is a very rough job from the viewpoint of managing investment property for very little money and proper budget. Even though managing a property is not that profitable as selling a home but it brings more opportunities in engaging new projects and making new customers. To choose a property manager is not that difficult but decision you make must be on the following facts.
License and Certification
Generally each area or state property manager or management company must have a real estate agent’scertificate or a property management authorization in order to overview every possible dealing or engage in a vacant apartments. Before choosing a property manager, check from state’s real estate commission for the authentication for brokerage license.
Local Market Trend
Make sure to select a property manager who is well-informed about your local market trends. The major business for the property manager lies on these facts. Always test the candidate’s knowledge before hiring by asking about rental comparison or rental rate reference.
Property Agreement Details
The property management agreement is the only thing that binds you officially to the company you pickfor all the dealings with. This is the most important and careful part so make sure you pay attention to every single detail of the agreement including dues such as the property management payment or any concealedchargeslike lease restoration feeor cancelation payment and sometime extra advertising charges.
Property Manager Experience
Property Manager Experience is the only that that gives you a clear idea of “How to choose a property manager?” or “How Property Manager deals with your property?”Mostly people prefer property manager who has already dealing in residential properties management or maintenance that are slightly comparable to your own.
Single Management Dealings
Always try to avoid Single Management Dealings. Some managers concentrate on single family homes while others select their area for large studio apartment buildings or townhouses. This will all be irrelevant if there is only one man to look after or manage all these properties. It’s always better that there is more than one person in handling of your assetbelongings during different scenarios and different people are in charge of different functions.
Property Management Charges
In real estate business there is a common concept that property managers will calculate charges fees as a percentage of rent which is 7% to10%. You responsibility here is to make sure that the manager only includes the fee on rent collected and not the rent roll amount. This means you will only pay the rent to your manager if the house or property unit is rented and the tenant is paying the rent.
Bottom line is to select the property management company very carefully as the third party is not only involve to manage your property but to make an unbiased buffer between you the tenants.