When you appoint a property management company to take care of your rental property you are placing your trust in that company. It’s a big decision to make, but a wise one when you are not able to look after the property yourself and take care of the day-to-day operations which include caring for the properties and addressing the problems of the tenants who occupy them. A huge advantage in hiring a property management company is that they are better equipped to handle the management in a more professional manner than you could, and have the contacts and resources to do so. A good property management company ensures that your investment provides you a positive and splendid return and runs smoothly.
On the Same Page
A little care with the agreement you sign with the management company pays considerable dividends. It ensures a cordial working relationship where both you as the landlord, and the company representing you are clear about your responsibilities toward each other, and what each expects.
Such agreements invariably have some standard clauses but as far as possible you should ensure that all ambiguities are covered to avoid future misunderstandings.
A standard contract will spell out that all tasks and duties pertaining to tenant requests and needs, as well as the maintenance of the property whether it is a rental home or condo, rests with the property management company. Other duties would include advertising when the property is vacant, screening, and interviewing of prospective tenants and collecting rent from them. The management company will also take care of break-downs and routine maintenance, and other little details related to daily operation. It also falls to the management company to evict tenants should that need arise.
Property Management Company Fees
In most property management contracts the agreed fee is generally a percentage of the gross rent collected. In addition, some companies charge add-on fees which should be clearly stipulated and quantified. Much of the fee structure will depend on the nature of the services required. Some landlords or investors require the whole package while others may ask for only a restricted number of services. Whatever is agreed to should be incorporated in the agreement.
Manager’s Liability and Owner’s Responsibility
The management company and owner have responsibilities toward each other. There should be no ambiguity about these which should be clearly listed in the agreement.
Finally the contract must have a specified tenure with clear starting and termination dates. There should also be an exit clause which allows both sides to terminate the agreement at an earlier date if things don’t work out.
Property Management in Charlotte, NC.
Arguably the oldest and best-established property management company in the Charlotte region of NC is Talley Properties, which specializes in high-end to mid-range commercial and residential properties. Over the years, and to cope with a rising demand for its services, Talley Properties has expanded its range of operations and now manages rental properties in many of the surrounding counties.
This is a full-service property management company but is amenable to providing only specific services as required. To learn more about Talley Properties, click on http://talleyproperties.com/.