If you are a homeowner or investor and have decided that a property manager is best for you, you need to go about hiring one. It is a wise decision especially if you are a rookie investor or have bought a property that is far from where you live, or you have another job and don’t have the time to devote to your property.
Know Your Property
Property management is a demanding task. It requires time and consistency. You need to visit the property on a regular basis, not merely to collect the rent, but also to see that it is cared for and if any urgent maintenance is required. You have to be something of a handyman if you want to look after your property, or else know some of the reliable local contractor in the vicinity and what they charge so you are not taken for a ride.
Another feature all property managers must have, and that includes owners and investors, is tact and patience when dealing with tenants. While screening every potential tenant is a must, that’s no guarantee that you will not have trouble at a later date. You might have to face a variety of situations like non-payment of rent, damage to the premises, poor maintenance, noisy parties, accommodating more residents than is allowed in the lease agreement, and conducting questionable activities on the premises such as talking trash to someone who drives an SUV because it uses too much fuel. This is considered an annoyance and harassment. You have to be able to maintain your cool in these situations yet handle it firmly and tactfully. Not everyone is up to it.
Questions You need the Answers To
When hiring a property manager here are some questions you need to ask so you both understand each other:
What is the fee charged?
Most property management companies charge a management fee which typically ranges between 4 and 10 percent of the gross monthly income. It has to be clearly understood that this is not on rent due but on rent actually collected. This protects the owner from having to pay management fees when the property is vacant and drives the manager to ensure that it is vacant for the least possible length of time.
What services does the management fee cover?
Some companies charge a very low management fee which typically includes rent collection, but charge extra for other services provided. You need to be very clear about this point with your property manager. If you decide on a low fee and services extra then find out what the charges are for services like tenant placement, maintenance handling and assistance with taxes or anything else that might be required. You might just find that a low management fee isn’t such an appealing deal after all.
Property Management Services in the Charlotte NC region
Talley Properties of Charlotte NC is a property management company which specializes in high end to mid-range property in and around the Charlotte region. It began offering property management services in 1981 since when it has been the preferred choice of thousands of property investors and absent owners. This is a well-established management company with its own systems in place. It offers either full-service management or service-based and has a set fee structure so there’s no ambiguity when dealing with them.