The next subject to be concerned with in selecting a property manager for your property is the property managment company's knowledge and ability with regard to property maintenance. How do calls get answered? How are incoming calls from residents tracked by the property manager? How is it determined when the owner will be contacted? How are vendors selected? How are emergencies handled? Is there an in house maintenance division? Is it licensed and insured? How are after hours calls handled? Ask your prospective property management company these questions.
Fees you will be charged is usually very important to most owners of rental property. It is important, but I think you would agree with me that some of the other items I have already discussed in Parts 1-4 may be more important. A difference of a few dollars in fees is meaningless if the property manager cannot get your home rented to a quality tenant, for example. That said, ask what fees you will be charged. Single family managers will typically charge a lease fee, a management fee, and fees for bounced checks (from your residents). The property management company may also keep all or part of late fees collected from your resident. Some charge for inspections, delivery of notices, a percentage of maintenance, and advertising.
The important thing is to know what you will be charged. The total fees may vary, but again, other items carry a lot more weight.
Having a frank discussion with your prospective property manager, and carefully reviewing the property managment agreement are essential to the process. Check out my website at www.HomePointe.com for more on property management and our management program in the greater Sacramento area.
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