How to select a Property Management Company for your rental
Selecting a rental property management company is an important decision that should not be taken lightly. There are many companies to choose from, and each one offers different services and has different costs. Here are three things you should know before selecting a management company:
- What services does the company offer?
- What are the company’s costs?
- What is the company’s reputation?
When you are looking for a rental property management company, it is important to find one that offers the services you need. Some companies may only offer basic services such as screening tenants and collecting rent, while others may offer more comprehensive services such as repairs and maintenance. Make sure to find a company that offers the services you need – HomeHub has a comprehensive directory of REALTOR recommended property management companies. In many markets, local REALTORS also manage properties themselves – don’t forget to ask your REALTOR if they offer this service.
The cost of rental property management services can vary widely, so it is important to get an estimate from each company you are considering. Typically, companies charge a percentage of the monthly rent, so the cost will increase as the rent does. Make sure to ask about any additional fees that may be charged, such as for advertising or late payments.
When you’re looking for a rental property management company, it’s important to choose one that is convenient for you. Some companies offer online booking and payment, which can make managing your account easy. Others have offices in multiple locations, so you can easily drop by if you have any questions or concerns. Ask the company about their hours of operation and how they handle after-hours emergencies.
Finding tenants and rent collection
When it comes to finding tenants for your rental property, there are a few things you need to keep in mind. First, you should advertise your property in a variety of places. You can list it on websites like Craigslist or Zillow, or you can post flyers in local businesses and grocery stores. Second, you should screen potential tenants carefully. This includes doing a background check and making sure they have the financial means to pay rent. Finally, you should collect rent on time. This can be done electronically through a service like PayPal, or you can collect it in person.
Property management companies have local rental market expertise. This means that the company will be familiar with the average rent prices in your area, as well as the types of tenants who are looking for rentals. This can be helpful in ensuring that your property is rented quickly and for the right price.
Repairs and maintenance
When it comes to repairs, it is important to know that tenants are responsible for small repairs and maintenance tasks such as changing light bulbs and unclogging toilets. Landlords are responsible for major repairs such as fixing a leaky roof or repairing a broken furnace. If a tenant needs to make a repair, they should first contact the landlord. If the landlord is unable to make the repair, the tenant may be able to get help from a property management company.
Cost of property management companies
The cost of property management services can vary widely, depending on the company and the scope of work. typically, companies charge a percentage of the monthly rent, so the cost will increase as the rent does. Additionally, some companies may charge additional fees for services such as advertising or late payments. A typical percentage range that a property management company will charge is 5-10% of the monthly rent.
When you are considering a property management company, it is important to get an estimate of the costs. This will help you to compare the costs of different companies and make sure you are getting the best value for your money.
When considering a property management company, be sure to ask about all additional fees that may be charged. This will help you to compare the costs of different companies and make an informed decision. With the help of a property management company, you can take care of your rental property without breaking the bank.
Summing it up
Property management companies can take care of a wide range of tasks, from finding and screening tenants to handling repairs. Costs for these services vary depending on the company and the scope of work, but typically range from a few hundred to a few thousand dollars per month. It is important to find a company that offers the services you need, and to get an estimate of the costs before making a decision. With the help of a property management company, you can take care of your rental property without breaking the bank.