Sunday, November 7, 2010

What does a Property Management Company Do?

Property Management companies have the responsibility of dealing with prospective and current tenants. If you have a rental property, you will need to market it, screen the new tenants, collect rent handle maintenance and repairs, respond to compliants and take care of evictions. A good property management company can do all of this and save you time, money and all of the frustration that comes along with managing tenant relations.

Hiring a property manager has many benefits, but it can also be expensive, and that is why so many people choose not to do it. However, in many cases, working with a property manager or property management company should be considered more of an investment than an expense!

If you don’t live near the property, management can be invaluable, if not necessary, for many issues that will arise. Also Property Managers often have the experience to find the "best" tenants, the resources to market your property in ways that you cannot, the ability to collect rent in an effective manner, and the local contacts with maintenance and repair contractors that can actually end up saving you money!

And if that doesn't sell you...remember that one wants to receive late night calls about stopped up plumbing, or manage the crisis situation of an unexpected ice storm!

Fee structures vary, however, generally, Property Managers receive 5%-10% of the collected monthly rent for the management of the property. There is also a charge of equal to 1/2 of the monthly rental amount for procurring a new lease as a "bonus", which is sometimes paid at the end of the year depending on the type of property and the property management company.

In the end, a Property Manager should save you time and plenty of work--if not money too!

Charlotte Property Manager

Kuester Property Management

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