Do you own a residential or commercial property? Do you want to have them rented yet you do not know how to do it or how to get a good paying tenant? Well, if you do, then this is the time you may consider going for a property management company. They are the go-to people if you want your property to be managed properly, and be fully rented for a year or years to come. Of course, it does come with a price. This is where you need to be picky when you go choose for such type of company.

The following are tips you can make use of in choosing the right property management company:

  1. Experience

Go for a company who has years of experience managing a property like yours. Managing a commercial to a residential property would be different. If they have experience in handling similar property over the years, go for it. It means they do know how to manage one and there will be no difficulty in handling yours as well. That’s assurance at your end. It is necessary you go for an experienced one especially if you are new to this. You want your property to be in good hands.

  1. Management style

Next on the list would be the management style. You need to make sure their style fits perfectly with your preference. If you want the property management company to have had 100% management over the property, then go for one. Or, if you want to handle few things out of the property, and 70-80% will be handled by the company, then search for a company who can give that to you. This way, you will have no issues at all about managing the property.

  1. Price

Lastly, the price, how much the company is asking from you. Do check if it’s within your budget. Be sure you are okay with the price and that you are still earning a good amount out of it. For sure, you are not entering into such type of agreement with them handling them properly, and you will be losing or close to break even with your property. Do check out how much would it cost you by asking for a quotation from the property management company. They are more than willing to give you the price.

So, what should be your next move? For one, go start looking around for a property management company in the area where your property is situated. In this way, the property is accessible to the company and within the area that they are familiar or known for. There are a number of them. All you have to do is to choose maybe top 3 companies based on what has been enumerated above, then ask for a free quotation. After which, make a decision which one you will go for and be the company to manage your property.

Owning a property and having it rented out can be a bit of a hassle especially if it is situated far away from where you live. If you are keen to have it rented, and does not have the time to attend to inquiries, do consider seeking the assistance of a company to manage your property.

The following are the reasons why you should go for a property management company:

  1. Property is situated few neighborhoods away from your residence.

If the property you want to be rented out is located far away from where you live, then it is recommended you seek the assistance of a property management company. You need not worry about going to the area to entertain potential tenants now and then. The company will do all these for you. It saves you time and hassles going back and forth until such time a tenant comes to rent the property.

  1. Little knowledge about the law on landlord-tenant.

As a landlord, you need to know about the law on landlord-tenant. It is where the law lay down what are the rights of the landlord and tenant respectively. Also, in case of dispute, what remedy you can seek out. If you are not keen on learning the law more deeply or you only have little knowledge about it, they might as well hire a company who does property management. This will save you the time of studying and analyzing the law even further.

  1. Property maintenance is not your thing.

Like any other property you own, you do need to conduct maintenance on it. This is to ensure everything is in good condition especially when there is no tenant yet. Or, if there are certain issues and need repair, as a landlord, you do need to take care of it. If you do not have the time and maintenance is not your thing, then a going for a company to do all these for you will be ideal. You need not worry about repairs and maintenance. All of these are going to be sorted.

  1. Don’t want to deal with non-paying tenants.

On rare occasion, you will encounter non-paying tenants. Asking them to pay might be a hassle and will cause you stress. If you do not like the idea of having to go through all these, asking the tenant to pay you up, they might as well have a property management company. They will be the one to chase that tenant up, and to handle all the stress of having such type of tenant.

With all the reasons mentioned above as to why you should go for a company to manage your property, it is safe to say that indeed they do save you from all the hassle and stress. This is a good thing for those who are busy with work, family or business. Of course, it does come with a price. You do need to pay the company up.

Reasons Why You Should Go For a Property Management Company

Do you own a property and would want it to be rented out or have someone monitor it? If you do, then you might consider the idea of having it managed by a third party. It will save you from all the hassle of having to answer inquiries from potential tenants or to maintain a property that has not been rented out yet for months, etc. However, before you even attempt and talk to a company, it would be best for you to have an idea as to the different types of property management business models. Knowing what are they will give you an idea as to what fits you perfectly and according to what you needed. In this way, you will be hiring a company who does know what they are doing, and the cost will be within your reach.

The following are property management business models:

  1. By percentage

This is the model being used by most property management companies who do manage some home units. What happens is this, the landlord is going to sign an agreement together with the company, giving the right to let the company do the things on his behalf to have the unit rented and also collect rental payment. The landlord does not have any idea at all as to who is the tenant of the property. Then, out of the monthly rental, the company takes about 8-12 percent, and give the rest to the landlord.

  1. Fixed rate

This is the common model being used when the property involved is an empty site or home. What the company does is to monitor the property to ensure that it everything is safe and secure, and then make a report, give it to the owner. Since there is no income coming out form this type of property, the company charged a fixed rate towards the owner.

  1. Revenue share

This model usually applies to a commercial property such as business or establishment centers of which they do generate revenues. What happens here is that there will be an agreement between the owner and the property management company, giving the right to the company to turn the property into business wherein it generates income such as business centers or even as a service apartment. There will be no paying of rent to the owner. The company will share a percentage of the overall revenue of the business.

Bottom line, you need to be certain as to what type of company you are going to hire to manage your property. This is important. You want to be earning money out of your property. This should be the case in every property you want to be rented. Check out the figures and see if it’s worth it to hire a particular property management company or not. You do not want to be losing money at the end, right? Thus, you should be very choosy when it comes to hiring a third party managing your property.

Not everyone who owns a property and has it rented out wants to manage one. There are a lot of things going on managing a property. You could be dealing with non-paying tenants, getting phone calls straight from an angry tenant, and a lot more. Now, if you do happen to be one of the many landlords who does not want to deal with all this kind of stuff, then hiring a property manager will be ideal for you. Yes, having someone to manage your property can save you from all the hassle and stress. All you need is sit back and relax and wait for the money to come in. How’s that for a change?

Here are the things you need to know about property management:

  1. Experience is the key.

When you do hire someone to do property management for you, be sure he or she has years of experience. You want to be dealing with a professional who does know how to handle things especially when the going gets tough. It takes a lot of experience on how to handle complaints from angry tenants as well as non-paying tenants.

  1. Communication skill.

Remember, the manager serves as your buffer between you and the tenant. Thus, you need to have someone who knows how to relay the information in such a way that it is fully understood by the tenant and vice versa. Whatever your need or the need of the tenant is, he or she will be able to communicate it.

  1. Work independently.

It means the property manager does know how to do the job properly. He or she will only check with the property owner only when there are major repairs or if there are any legal issues at all. In this way, you will not go to face with the manager every single day and talk things out, etc. The very reason you are hiring such person is to lessen the burden out of you of managing the property and not be an additional burden to you.

There you have it three things you need to know about hiring someone to manage your property. Of course, you would always want to deal with someone who can make life a lot easier on your part as a landlord. Thus, you need to be very picky on choosing which one to go for. You could always check various property management companies located within the area where your property is situated. Better yet, start looking around over the net. There are a number of them offering such services to landlords like you.

You would want someone who can do the job professionally, who can work independently and can serve as a good buffer between you and your tenant. Also, be prepared to pay the property manager around 8 to 12 percent out of the monthly rental plus expenses. However, there are other companies out there who do offer a flat rate for instance hundred bucks per month.