Rental Property Management – Ten Questions

Why hire rental property management? Because doing it all yourself is the surest way to create your real estate investment experience a bitter one. You also have time to find the next deal when there is someone taking care of the details for you. Hire a property manager ask these questions.

1. How much is your fee? Prices vary around the country from as low as 4% of gross rents for bigger buildings, to as high as 12 percent for single family homes. Be sure the fee is clearly stated and understood.

2. What properties do they manage? It is best if they handle leasing properties that are very similar to yours. It’s also helpful to drive by their properties to understand how they’re maintained.

3. Who will handle your property? It’s best if one person handles your construction all the time. They should also have some experience. Get their title.

4. What costs extra? Is it additional for showings? Do evictions cost additional (beyond the authorized fees)? Any other extras?

5. How is the fee collected and when? Will you be charged, or will it be deducted from your account? Monthly? Quarterly?

6. What type of advertising? How can they market the components and what exactly does it generally cost you?

7. Price and time to prepare components? What is the typical cleaning fee onto a duvet, and just how long will it normally be before it’s rented out?

8. What needs owner approval? What dollar amount needs your authorization, and is this negotiable?

9. Hours of operation? What are the business hours, and who takes weekend calls?

10. Accounting? What reports do they send? How often? How are accounts set up?