What to look for in a property manager?
Posted: September 11th, 2015
Hiring a property manger? Good idea or bad idea.
by Glenn Gurvitch
Making the decision to hire a property manager makes sense. Why? Most property managers make money on volume and charge a low percentage of rent monthly. The services that a manager provides pay for themselves many times over especially when they find great tenants that stay in the homes for many years. Most property manager charge a small tenant placement fee and a monthly fee based on rent collected however some property managers will charge all kinds of fees including: start up fees, security deposit fees, lease renewal fees, mark up on maintenance, tenant placement fees, eviction fees and much more.
Tips on hiring a good property manager:
1) Ask for a list of all the fees they charge
2) How will you market my property? Will you place the property on the MLS to find a great tenant or will you just try to squeeze a bad tenant in the property just so you won't have to cobroke?
3) How are maintenance emergencies handled? Will the tenants phone call fall on deaf ears and be answered three days later while the property is in disrepair?
4) is there mark up on maintenance? Some manager will get a handyman to make the repair and then charge their own fee on top of it.
5) Is there a charge to post a three day notice?
6) Will the property manager assist you during an eviction?
These are just some of the tips and questions you should ask when selecting a property manager. Our company, My Area Realty, Inc. only charges 2 fees which is a initial tenant placement fee and a monthly management fee. We do not charge lease renewal fees, markup on maintenance, lease prep fees, security deposit handling fees or any other type of fees. We always have someone on call to handle a tenant emergency 24/7 and handle maintenance requests in a prompt fashion. If you have any questions please call us at 561-358-6755.