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