Property Management - How to Select a Professional

Property Management - How to Select a Professional

 

Most rental property owners at some point make the decision to turn the property management duties over to a professional property manager. This is especially true when the owner lives outside the area and simply can't service the property correctly. But other reasons, including an owner's desire to spend more time with the family or perhaps on the links, also motivate the decision.


Whatever the reason, however, logistic or personal, there are a number of realities surrounding professional property management companies worth noting.
Foremost, bear in mind that you will never find a company that will service your rental property as well as you do. This is not a dig at the professionals, but the reality is that you can't afford to pay any property manager to work your properties as you would. After all, the management company is in the business to make a profit and most likely would not find it cost effective to treat every rental property with the same intensity or compassion as the owner.
Okay, so what should you expect from the management company you hire?
  1. Your units rented at market rents
  2. As little vacancy as possible
  3. Operating expenses controlled and on a budget


These three specific things are really what will give you the most bang for your buck because they each, when successful, contribute to a favorable and profitable bottom line. The cost for professional property management (typically 5 to 7 percent of gross rents if off-site only and maybe up to 10 percent with an on-site property manager included) must be factored in, naturally, but at the end of the day a good management team should make you money.

Finding a reliable company to manage your property shouldn't be difficult. You might start by asking for suggestions from a loyal real estate agent or some other rental property owners if you know any. You can also do some driving around and look for signs companies often post at properties. And of course, there is always the rental section of your local newspaper.
Once you narrow down the field and start interviewing a property manager, here are some thoughts on the type of questions you might want to ask.
  1. What is their management fee?
  2. Do they charge extra for showing rentals or going to court on evictions?
  3. What are their business hours?
  4. Who covers rental calls on the weekends?
  5. What types of reports will they give you, and will they be mailed each month?
  6. How do they handle slow or nonpaying tenants?
  7. How do they set rental rates?
  8. What do they do to market vacant units?
  9. What dollar amount of expenses requires owner approval?


You get the idea. You want to ask the property management professional enough specific questions so you understand the philosophy of management to which the company adheres and how much effort they will devote to hands-on management. The bottom line is that you want to feel comfortable that the property manager you hire not only recognizes the profit goals you have set for your rental property, but knows that you expect them to earn your business.

About the Author
James Kobzeff is the developer of ProAPOD - leading real estate investment software solutions since 2000. Create rental property cash flow, rates of return, and profitability analysis presentations in minutes! Easy and affordable. Learn more at => www.proapod.com

4 Property Management Factors to Look For

4 Property Management Factors to Look For

How do property owners choose the property management company to handle their Tampa house rental investment? Is it based on how big the company is? Or is it because of the colorful ads they have out there?

These things are just outside appearances. And like all outer coverings, they do not last. And since you want your choice to last with you and your property, you definitely have to consider more important factors that a Tampa property management company should have.

Factor #1: Background of the company.

First and foremost, check how long the company has been handling Tampa rental properties, their performance and rating. Even if these things are important, they should not cloud your judgment regarding those property management companies in Tampa that are just new in the industry.

There are companies that are capable of providing better service even if they do not have the years and excellent rating that others have. It is best to check out as many options as possible. Do not opt for the first property management that you see or is referred to you.

Factor #2: Cost.

This would be the first thing you would consider when hiring a property manager. Fees vary from one property management company to another. The higher the fee does not mean it is the best. It would all depend on how the costs are distributed and if you think it is a fair amount to pay.

Besides the monthly retainer fee, there would be repair, maintenance, marketing and tenant eviction costs to consider. Property managers oversee these things for you. You can ask for a breakdown on how costs are distributed. Better yet, request for a regular accounting report so you will know how your fees are spent.

Factor #3: Customer Service.

Being a property manager means that he or she should know how to handle people. Your chosen company should have property managers that are organized, flexible, prompt and always available to answer any questions from you or your tenants.

Communication is important in this business. Be sure that your property manager can be contacted anytime that you have requests or inquiries. This should also be the same case when you already have tenants renting your property. Your property manager should be available to attend to anything that the tenant and your property require.

Factor #4: Rental Property Commitment.

Renting the property is just the first step. The duty of the Tampa property management company does not stop there. It is just the start. From then on, the property manager would have the house to monitor, rental fees to collect and reports to update.

Property owners are updated on the status of the rental property in Tampa via the property manager. Even if you are not anywhere near your property, you would know that you are in capable hands if your property manager is committed to making your home rental business smooth sailing and profitable.


Finding the right Tampa property management for your investment will be a lot easier if you consider all these factors.

For more information or for further inquiries, visit: Tampa Property Management, Rental Property Tampa

Real Property Management specialize in the management of residential properties all over the United States, and our Tampa office is locally owned and operated and serves Hillsborough County, Pasco County, Pinellas County, and Polk County. This gives us tremendous resources at the local level to assist you with your property management needs.

Article Source: http://EzineArticles.com/?expert=Joe_Hicks

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