 Why hire rental
property management? Because doing it all yourself is the surest way
to make your real estate investment experience a bitter one. You
also have more time to find the next deal when there is someone
taking care of the details for you. Hire a good property manager,
but first ask the following questions.
1. How much is the
fee? Fees vary around the country from as low as 4% of gross rents
for larger buildings, to as high as 12% for single family homes. Be
sure the fee is clearly stated and understood.
2. What other
properties do they manage? It is best if they handle rental
properties that are similar to yours. It is also helpful to drive by
their other properties to see how they are maintained.
3. Who
will actually handle your property? It is best if one person handles
your building all the time. They should also have some experience.
Get their name.
4. What costs extra? Is it extra for
showings? Do evictions cost extra (beyond the legal fees)? Any other
extras?
5. How is the fee collected and when? Will you be
billed, or will it be deducted from your account directly? Monthly?
Quarterly?
6. What type of advertising? How do they advertise
the units and what does it typically cost you?
7. Cost and
time to prepare units? What is the typical cleaning fee on a
vacancy, and how long will it normally be before it's rented out
again?
8. What needs owner approval? What dollar amount needs
your authorization, and is this negotiable?
9. Hours of
operation? What are their business hours, and who takes weekend
calls?
10. Accounting? What reports do they send? How often?
How are accounts set up?
There are probably other questions
you'll have as well, based on your particular needs and the
particular property. Ask everything up front, and you'll have fewer
misunderstandings. With good rental property management, real estate
investing is a lot less stressful.
About
the Author:
Steve Gillman writes on all real estate
topics. Visit his website for: 1. A photo of a beautiful house he
and his wife bought for $17,500. 2. A free book on how to save
thousands buying your next home. 3. A free real estate investing
course. Visit http://www.HousesUnderFiftyThousand.com
Read more articles by: Steve
Gillman
Article Source:
www.iSnare.com
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