The truth is, many landlords have the intention of doing it themselves, but after a little bit of time, turn over the rental property to a rental management company. The reasons vary – from time available to do a good job, to the hassle of having to do it, to even lack of experience. Regardless, it is important that you select a rental management company that will be looking after your best interests. Here are some things to consider when looking for a rental management company.
Costs
The biggest thing that you should consider when looking at a rental management company is the cost. Most management companies charge between 5% to 20% of the monthly rent to watch and maintain your property. The range also varies on the services they provide. For example, does the company provide maintenance themselves, or do they hire contractors. How will you be billed for repairs? Will they send you invoices or receipts for repair. Also, do they handle landscaping, or even snow removal? These are all costs you need to consider.
Experience
You also need to consider the company’s experience in dealing with your type of unit. You’d be surprised to know that some companies are more marketing focused, like Rent My Cottage IE, while others are full-fledged management companies that handle everything from start to finish. Depending on what you’re looking for, either could work, but you should be aware of the services provided before hand and understand what you are exactly paying for.
Communication
Finally, you need to make sure that you and the management company are on the same page when it comes to communication – both with you and with your tenants or renters. With email being so important, you probably want a company that is up with technology, but at the same time answers the phone or calls you back promptly. Plus, you want to make sure they are keeping you informed of everything with your unit.
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