Property Management Companies
Are you looking to find expert management for your investment property? If so, property management companies will serve many of your needs so that it decreases the amount of commitment needed to run your own property. The potential reduction of risks and increase in returns are something to consider when deciding if hiring a property management company is the right decision for you.
Learning about what the role of a property manager does can give you insight as to whether or not you, the owner, will be able to do the job without assistance. There are many responsibilities a property manager takes on each day. They specialize in scouting out reliable tenants, maximizing rent, overseeing the condition of the property, budgeting maintenance, ensuring legal procedures are always in practice, and overseeing financial matters.
Property Management Company Costs
The price that property management companies charge can vary depending on the services they are providing to you. It is common that your property management company charges a monthly fee between 8% -12% of the rent collected each month. Vacant properties are charged a fixed fee that is usually equivalent to the anticipated monthly rent, as if it were being currently leased to a tenant. The reason why property management companies have fees for vacant properties is for funds of upkeep. Tenantless units require even more work than ones with tenants. Weekly inspections, renovations, and routine checks for squatters, break-ins, and maintenance are all necessary when keeping a property safe and in good condition for the next potential resident.
What Does Property Management Do?
Property management agencies or companies make decisions in your best interest. They are specialists when it comes to making important decisions for your house or apartment. The services they provide are not only beneficial, but can save you time and energy unlike owners who decide to manage a property on their own.
Property management contracts allow you to sort out which services your property manager will cover. The price of having a property manager may depend on the services you are seeking, but luckily many rewards come from hiring specialists to oversee your property.
Property management companies work to market your property to potential renters or buyers, create smart pricing for rent, and screen reliable tenants for safety precautions.
Property Management Fees and Rent
One of the services property management companies provide is helping set the rent and collect the rent. It can be difficult doing this all on your own especially when tenants are late paying their dues. Luckily, property management companies create organized systems in which paying and keeping track of rent is easy.
Your property management team can assist you and maximize your rental yield with smart pricing. How do they achieve this? Property appraisals and thorough market research done by your property management company will prevent you from charging inflated rates. Inflated rates can reduce the appeal of your property as potential tenants search for their next home or apartment. Using a property manager who specializes in marketing and showcasing a property’s assets can help you avoid vacancy issues. You will no longer have to worry if the rent you are charging is too little or too high because property management companies always stay up to date on the latest market conditions.
Whether you need a reliable tenant for a residential property or a reputable business for a commercial space, we’re here to help you every step of the way. Continental Realty Management, Inc. has been around since 1984, so we really mean it when we say we’re here to help you.