The best property management specialist will have experience with an individual’s type of property.
Property management specialists are responsible for the operation of a residential or commercial property. You may be an individual who is looking for property management experts to find a tenant and manage the property on their behalf. You may be a commercial property owner who owns an office building and are looking for property management specialists to handle commercial tenants and potential tenants on your behalf. Some of the traits you should look for include experience, responsibilities, duties, references and costs.
The first characteristic you want to look for in potential property management experts is that they have experience with your type of property. For example, if you need someone to manage an apartment building dealing with residents, this is different from a property manager who works in commercial office rentals.
Once you have a list of property management experts who specialize in your type of property, you want to know 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 your rent payment to scheduling repairs on your behalf. Generally, his responsibilities include paying the mortgage and property taxes on the property and collecting the rent payment from the property manager, minus the fee for having the company on his payroll.
You should also ask the property manager for the names and contact information of some of her other clients. Gather references for the same type of property you need the company to manage. Make sure the reference also had the property manager responsible for the same or similar roles so that when asking the references questions you can compare your needs with the references experiences.
While the cost of hiring real estate management experts shouldn’t be the only consideration, it does play an important role in choosing a real estate management company. Typically, a property manager charges a percentage of the gross amount of rent that the manager is charging on your behalf. The percentage can start as low as five or 10%. In some areas of the country, the percentage may be higher, such as 18% or 20%. The percentage may fluctuate according to roles and responsibilities or property management specialists may simply charge a fixed percentage regardless of roles and responsibilities.