3 Things to Consider: Hiring a Property Management Company to Look After Your Property Investments
Property managers can be a very useful to land owners as the larger property management companies have scale of operations and can run your property for the busy landowner. This would in effect free the busy landowner with more time to look for more real estate deals. This article deals with three things to take note before hiring a property management company to look after your property.
Firstly, the most important thing people think about when hiring a property manager would be fees. Spend some time asking what their management fee covers, whether they will be collecting rent on your behalf and deducting their fee from the monthly rental. Also ask what their procedure is like for other expenses like insurance premiums, repair bills and other expenses that the property might incur.
Secondly, you might want to hire a property management for their expertise. Some property management companies may be good at running residential properties but they may not have any experience at managing a commercial property. Thus I would suggest that you spend time asking the manager what is their current class of properties in their stable and go down to those properties and observe the properties and then go and talk to the tenants of the building.
Thirdly, proximity of the management office is one key consideration. For commercial property, you would notice that the management office is always sited within the commercial building itself so as to respond quickly to any complaints by the tenants. For residential property, the management company that you hire should have an office located in close proximity to your property so that they can rectify problems as they arise.
In conclusion, hiring a real estate property management company can be useful to free up time for owners and allow the owners to spend more time looking for more profitable deals. Take some massive action today and look for your next real estate investment property and soon when you have enough properties, you can pass them over to a real estate property management company to manage and then you can go for a well deserved holiday.
By Joel Teo 2006 All Rights Reserved
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