“Why you need a Property Management?”
First we start defining
What Is a Property Manager?
Property managers are people that specialize in ensuring a rental is being operated according to the guidance given by the owner.
They should have a working knowledge of the real estate industry the rental operates in, such as industrial property or housing.
For these reasons, some states require property managers to be licensed real estate brokers. If this is the case, a property owner will need to hire a broker to ensure their property is managed legally.
How Does Property Management Work?
Here are some things that a property management company can arrange or help with,
- Information of Market Value for Rent, Security Deposit and Rent Increases
- Do the Marketing/ Advertising
- Do the Tenant Screening: Application, Credit, Criminal and Eviction Report
- Handle tenant issues
- Quote, Schedule and track maintenance
- Manage finances and records like Annual Property Statements
- Prepare de Property to rent: Repair, Cleaning, Carpet, Appliances, etc
- Create and signed the legal Lease Agreement
- Represent you in court, evictions, collections, city licenses, fines, balances or permits, etc.
- Move in /Move out inspection – Disposition Security Deposit
Do You Need A Property Management?
If you are evaluating to hire a property management, you will need to consider what’s in your plate right now, the next questions can help you evaluating your situation and make the decision.
- Is Your Rental Property Close to Your Home?
- How Many Units Do You Own?
- How Much Experience Do You Have Managing Property?
- Can You Afford to Hire a Property Manager?
- Do You Have the Time to Manage Your Property?
- Are You Willing to Give Up Control?
- Are You Willing to Take on the Liability of a Property Manager?
- Do You Have a High Vacancy Rate or Problems With Your Cash Flow?
- What Is Your Tolerance for Dealing With Tenants?
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