Professional rental property management involves more than just hiring the right people. You must have the right tools and systems to keep everything organized and on track. Here are some important things to consider in this regard. As a rule of thumb, a property manager with experience should be able to provide the services you need. Then, you can focus on making the rental property profitable. This article will explore the different steps to rental property management. In addition, this article will cover important considerations that you should consider when deciding on the company to manage your investment.
One of the most important aspects of a property manamgement company is its fee structure. The fee is generally flat-rate but can be as high as 1-5% of monthly revenues. Some rental property management companies charge a fee for asset management, but it’s a fair trade-off when you consider the work they do for you. This fee typically comes out of the landlord’s monthly revenues. Some companies will offer to waive the fee for the next tenant.
Rental property managers aren’t Realtors. While being a Realtor may help in the long run, it doesn’t qualify a person to handle the rental property. Some states require property managers to be licensed brokers. However, it is important to note that while selling real estate involves hard work and a limited amount of effort, renting it requires perpetual maintenance, marketing, and collecting. These are all tasks that a rental property management company does well.