Before you hire a property manager, you need to assess your finances. Property managers are not free. Managers will charge a fee, on average, between 4% and 10% of the monthly gross income for the property. The typical fee for a single family rental property is closer to 10%. The fee for a property of 10 units or more is typically between 4% and 7%.
How do I know what is happening with my rental property?
Regular communication is given. This is really about technology—the backbone of successful property management. Expect regular email updates and a 24/7 online owner portal to view rents, maintenance, and all other property activities from wherever you are.
3. Does the broker of record work directly with this office?
While experience is critical, so is the quality of that experience. You may want to look closely to see if the broker is representing many offices.
4. Whom do I contact with questions and how quickly will you respond?
While every property manager may make similar promises, ask how they plan to keep their commitments. What processes, staff and resources do they have in place? How quickly can you expect a return call or email when you have a question?
1. Is your company dedicated exclusively to property management?
This complex industry demands specific training and expertise, so avoid a jack-of-all-trades office that attempts to juggle real estate sales, property management and other ventures.
2. How long have you been managing residential rentals?
You don’t want to be anyone’s guinea pig-demand experience. It can take decades for a property manager to encounter all the issues that can arise, anticipate regulatory issues and avoid costly mistakes. Look for experience managing many homes-not just “real estate” experience.