What You Need to Know About Rental Property Management
Being a rental property owner is no simple task, especially once the business grows and you have to manage and maintain multiple properties. If you think real estate investment is in the cards for you, it’s important to understand what property management entails. It’s so much more than being “on-call” for quick fixes when something breaks. It’s a full-time responsibility that has to be done right if you want your business to succeed. But unless you are willing and able to commit to this, you are going to need some help: a property management company.
A professional property manager can take care of all the responsibilities that come with running a rental property. They can help make your real estate investment venture stress-free. Read on to find out what exactly you could be gaining from hiring a real estate management professional:
What Is Real Estate Management For?
Any property, be it residential or commercial, needs proper management. The job entails overseeing the daily operations of the rental properties, ensuring that they’re in the best condition, handling the buying and selling process as needed, screening potential tenants, collecting rent, and taking care of maintenance requests. In the case of an eviction, the property manager is also responsible for overseeing the process and handling all the paperwork that needs to be filed.
In short, real estate property management is an all-encompassing service that rental property owners need if they want a hassle-free experience as a landlord.
When Is It Right to Hire a Property Management Company?
First-time and seasoned investors alike can benefit from hiring a property management company to deal with the operation of their rentals.
Investors starting off tend to be unfamiliar with the way things work and are certainly able to benefit from the expertise of a property manager. Seasoned ones, on the other hand, might know that running rentals on your own can be exhausting, and having a manager takes away the stress that comes with this business.
Here are other situations when having a property management company to help you makes sense:
- When you have multiple properties that make handling them all challenging
- When the property you own is far from where you live and visiting it regularly is impossible
- When you don’t want to hire employees (that you’ll have to manage!)
- When the fees of a property management company don’t affect your cash flow significantly
What Can You Expect from a Property Management Company?
The cost of property management services depends on the company, as well as other factors like the number of units in the building, the location of the property, and more. Typically, the property management company gets anywhere from 5 to 10 percent of the tenants’ rent. If you have a lot of units, they may charge less. However, that still depends on the market and, of course, your specific deal with the real estate management company.
The key to achieving success as a real estate investor is having the best property management company to help you with your rental properties. It’s a good idea to ask other investors that you know for recommendations. Do your homework, too, and see if you can find reviews from the company’s past and present clients. Then, when you meet with the management team, ask all the questions you can think of that would determine if they are the perfect fit for you. Of course, it is essential that you get a quote so you can calculate if you can afford the cost of getting their professional services.
Quest Real Estate is one of the best property management companies in Jacksonville, Florida, that can help you with your rental property, whether it’s residential or commercial property. Contact us today to know how we can help you!