Property managers are constantly in demand for a number of reasons. These trained professionals do more than simply manage property for others – they also help owners earn revenue. All of this comes with a certain fee, of course. Hiring one is something you should give serious thought if you have idle property with a potential to earn.
The following are some of the things to consider when hiring a property manager for a condominium, apartment, or house for rent in San Diego or other major urban areas:
Giving the Property Manager Their Fair Share
In most cases, the property manager should be entitled to a ten percent cut from whatever you earn from the property. This is traditional going rate, but could also be negotiated.
Whatever you agree on, make sure to detail all responsibilities and obligations in writing. Whether it involves dealing with irate tenants, evictions, or dealing with basic repairs, these fall under the responsibility of the property manager. Major repairs and situations concerning the property, however, are ultimately the owner’s.
A Property Manager You Can Trust
When hiring a prospective property manager, always conduct an intensive interview and check their credentials and experience thoroughly. Makes sure to ask relevant questions and remember that you mentality must match up. Not seeing eye to eye could result in problems later on.
Communication between owner and property manager is extremely important and must follow the two-way path because the duty of communication does not lie with the property manager only. You have to remember that you need to lead and instruct the property manager on how you want the property managed.
Last but not least, discuss the filing of regular progress reports regarding your property. This is something that you can do on a monthly or quarterly basis, and should detail things like expenses and other essentials. These are just some of the basics associated with hiring a property manager. Hire one you can trust and you will be on your way to making passive income without any troubles.