Finding The Right Rental Property Management Company

1. Finding The Right Rental Property Management Company

2. If you are considering renting your home, you may be considering hiring a rental property management company to take care of the details. But how do you find the right rental property management company? And what exactly do they take care of? We have your answers!

3. If you are considering renting your home, you may be considering hiring a rental property management company to take care of the details. But how do you find the right rental property management company? And what exactly do they take care of? We have your answers!

4. What is a rental property management company? • The management companies deal directly with their prospective tenants and the tenant finally selected to occupy the house. Rental property management companies can save you time and worry by listing your home, collecting rent, handling maintenance and repair issues, responding to complaints, and even evicting troubled tenants.  • While the management company is responsible for managing and scheduling repairs, you are generally still hooked on the cost, so be sure to factor that into your budget accordingly.

5. When should you hire a property management company? • A management company can be a great relief to the owner. These are some of the most common reasons why you would like to trust a property manager to take care of your home (s). • You Live Far Away - If you have houses in Detroit but live in Chicago, you probably need help managing your properties. This way, when a tenant needs to change a light bulb at two in the morning, someone close to them can take care of it. • You are not skilled: For some, this may require a bit of humility. But if you don't have the skills to maintain and repair your homes, you may need to hire a property manager. They typically have pre-existing relationships with people from all over the area, which means you don't have to worry about learning how to tile a floor or repair a roof on the weekends. • You don't have time - the owner comes with responsibility and it can be a time-consuming job. If you are unable or unwilling to put in hours dealing with houses and tenants, you may need to hire a management company. • You're bad with people: If you're more of a numbers-oriented investor than a skilled communicator, you may want to hire a management company. A good landlord often needs to be in touch with his tenants, and that means good communication is a must. If the thought of a late rent phone call embarrasses you, start looking for a property manager today.

6. Don't want the stress: Beyond maintenance and rent collection, there are some curveballs that homeowners can look forward to. Unfortunately, at some point you may need to contact an eviction attorney, and you will always need to keep a close eye on income and expenses, specifically during tax season. If you have too many dishes in the air, it may make sense to hire a property management services company.

7. How much does a property management company cost? • You can generally expect to pay a management company 8-12% of the total monthly rent. So if your property rents for $ 800 a month, the manager fee will be $ 80. • Just a note of caution - some management companies will charge this fee even if the tenant does not pay that month, which means they have run out of tenant money and still have to pay the manager. • Other management companies will only require a flat fee each month, such as $ 100 per property.

8. How to find the right property manager for you • It's not every day that you give someone access to some of your most valuable assets. When looking for a property manager, don't just sign a contract with the first company you see advertising online. If you're trying to figure out what kinds of qualities and benefits to look for in a property manager, start with the following steps: • Check References and Experience - Think of it this way: You're hiring someone to do a job for you. Treat your selection as if you were hiring an employee, because you are! If they can't provide brilliant references and examples of your past work, you should consider looking for another provider. • Examine your technology: Today, a management company must have an online portal for both tenants and owners. As a homeowner, you should have the ability to view bills, view rental payments, and see the performance of your entire portfolio without having to speak on the phone. Your tenants must be able to make maintenance requests and pay rent electronically.

9. Look for a cancellation clause - read all the fine print in your contract. Ask specifically about their cancellation policy. This policy or clause will describe the circumstances in which you or the manager may terminate the contract early and the costs you may incur. A 30-day notice is common, but some management companies require up to 90 days. • Assess Your Commitment: If the management company only wants to work from 9 to 5, Monday through Friday, it is probably not the right company. Your tenants may have issues that need to be fixed at night, on weekends, and even on holidays. Make sure your management company is prepared to handle these issues. • How they handle conflicts: Ask your potential property manager how they have handled difficult situations, such as evicting a tenant or damage caused by the tenant. Also evaluate his general behavior with you. Are they polite and respectful, or are they just trying to earn your business? How your manager treats you can be an indication of how they will treat tenants. • Get Multiple Offers - Talk to a few rental property management companies before making a decision and compare their rates. If the rates are dramatically different, be sure to get a detailed list of the services that are included in your rates.

10. How to Hire a Property Manager • Once you have done your due diligence and have chosen the property management company that suits your needs, you will need to register to receive their services. This will be done with a contract, which includes the full scope of responsibilities, payments, terms, fees, etc. • If you don't like something in the contract, don't be afraid to say something. Property management is a competitive industry, and because they love your business so much, many companies will make exceptions or changes if they only ask. • For example, you can request a lower monthly rate, such as 9% instead of 10%, or you can request a six-month no-obligation trial period, in which you can abandon the agreement if the management company is not. t up to tobacco. Whatever it is, make sure your voice is heard.

11. About Us • Enterprise Property Management, Inc. (EPM) was formed in 2002 to assist real estate investors from around the United States in purchasing homes in growing communities. EPM is part of an established network of property managers located throughout the region; this network enables us to help clients find appropriate rental homes over a wide area. • Website - https://propertymanagementmemphis.com/ • Memphis property management - https://propertymanagementmemphis.com/property-management-services-memphis/