Property management specialists are responsible for operating either a residential or commercial property. You may be an individual that is looking for property management specialists to find a renter and manage the property on your behalf. You may be a commercial property owner who owns an office building looking for property management specialists to deal with business tenants and potential tenants on your behalf. Some of the characteristics you should look for include experience, responsibilities, duties, references and costs.
The first characteristic you want to look for in possible property management specialists is that they have experience with your property type. For example, if you need someone to manage an apartment building dealing with residents, this is different than a property manager that works in renting out commercial office spaces.
Once you have a list of property management specialists that specialize in your type of property, you want to find out exactly what the company’s responsibilities and duties are. You should also find out what role you continue to play when you hire the property manager to operate your property.
Typically, the property manager handles everything from collecting rent payments to scheduling repairs on your behalf. Generally, your responsibilities typically include paying the mortgage and property taxes on the property and collecting your rent payments from the property manager, minus the fee for having the company on your payroll.
You should also ask the property management company for the names and contact information of some of their other clients. Gather references for the same type of property you need the company to manage. Ensure that the reference also had the property manager responsible for the same or similar duties, so that when you ask the references questions, you can compare your needs to the experiences of the references.
While the cost of hiring property management specialists should not be the only consideration, it does play a role in choosing a property management company. Typically, a property manager charges a percentage of the gross rent amount the manager is collecting on your behalf. The percentage can start as low at five or 10%. In some areas of the country, the percentage may be higher, such as 18% or 20%. The percentage may fluctuate according to the duties and responsibilities or the property management specialists may simply charge a flat rate percentage no matter what the duties and responsibilities are.
