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How To Know If You Need The Services of A Property Management Company

How to Know When You Need a Property Management Company

It is important to realize that each potential investor’s circumstances are different and that many factors can influence whether an investor needs to hire a property management company or not. Consider these questions below to determine whether hiring the management services of a company would be worthwhile for you.   1. What distance do you…

Managing Tenant and Owner Funds

Managing Tenant and Owner Funds

When a property owner hires a property manager, he does not only entrust him his properties, he also handles a range of things associated with managing the property. These things are the collection, security deposits, funds and write checks on behalf of the owner. For this relationship to work, there has to be trust, accountability,…

Settling and Collecting Rent

Settling and Collecting Rent

Rental income is an essential element of a landlord’s business. In the absence of a proper settling and collecting mechanism, the business will eventually fall into a pitfall. A proper mechanism will increase the possibility of a higher investment return. Ask and discuss the following questions when interviewing a property management company:   Settling the…

Property Inspections

Property Inspections

You are paying the property management company to be your eyes and ears. For this reason, they must be going to be strict about scheduling regular inspections. Many inexperienced real estate owners are unaware of how much damage one tenant can do in a small period. There is an assumption that as long as the…

Background Checking & Researching the Company

Examining the Company’s Background, Qualifications, Portfolio, Size, Staff, & Customer Service

If you are looking for exceptional service, you need to take a closer look at each property management company that you are considering to make sure they are the right fit for you. The people they have on staff are an important indicator of the level of service that they will be provided to you….

Responsibilities and Representations

Responsibilities and Representations

Contracts can range from 3-10 pages; however, 5-6 is the average. Some contracts are very comprehensive, and others are quite simple. Not every contract can be predicted. That said, they should be including some of the basic clauses and concepts discussed below. Contracts need to be looked at carefully when comparing property management companies to…

Indemnification and Boiler Plate Items

Indemnification and Boiler Plate Items

There are several other components to legal contracts that need to be understood. Even though only certain aspects are relevant to property management agreements between property owners and property management companies, it is important to have a basic understanding of them to avoid costly misunderstandings in the future. If you fail to understand these issues,…

Breakdown of Property Management Fees

Property Management Fees

When selecting a property management company, you also need to look out for the fee they charge. One thing you can do is to do a comparison among property management companies. Look at the quality of their services and how much they charge for it. Chances are, a company charging a lower fee will produce…

Complete Guide to Hiring a Property Management Company

A Complete Guide to Hiring a Property Management Company

Finding the right property management firm is essential for your company or a property owner to consider. Being able to delegate your various management tasks is also important to remain competitive in the industry by providing exceptional service to your residents. Many property owners fail to recognize the importance of having efficient management practices in…

What to Look for in a Property Management Contract

What to Look for in a Property Management Contract

The contract that you decide to sign with a property management company should not be something that you sign without reading carefully. You need to understand every word within the contract to be sure it is the right agreement for your property. A contract that is signed between you and a property management company clearly…

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