Many people think that becoming a landlord is an easy way to get a lot of money without putting in any work, but this isn't the case. Landlords are often surprised to realize that if they want to do it right, they actually have a lot of challenges in store for them.
If you're starting to face those challenges, it might be time to start looking into local property managers.
But how do you find the right property manager for you? Read on for a few questions you should ask when you're doing interviews.
What Is the Fee Structure?
Property management companies all have different fee structures and it's important to know how much you're going to be paying before you make any kind of commitment.
Often, the fees are going to be a percentage of the rent. However, you may still be paying if a rental unit is vacant. Those payments will be worthwhile because the management company can help you market the vacant unit, but you need to know ahead of time if you have the funds to pay when you don't have someone paying rent.
You should also ask if there are added fees for any extra services such as evictions or repairs.
How Many Rentals Do You Manage?
Finding a property manager with the right balance of properties under their belt is a challenge. You don't want to choose a property manager who doesn't have enough experience, but you also don't want one that's so overburdened that they won't be able to pay enough attention to your property.
The "right" number of rentals will depend on how large the property management company is. A large team can usually handle more than a small team, so keep that in mind when you're making your decision.
What Services Do You Offer?
Consider what you need out of your property manager and then ask if the company offers those things.
Do you need an online portal for your tenants to pay rent? Do you already do your own repairs and yard maintenance, or will you need the property management company to take care of that for you?
Will you need help with things like accounting?
Most property management companies offer a wide array of services, but it never hurts to ask.
If you're interested in real estate marketing, you should check out this article about the advantages of hiring experts. https://carolinaspropertymanagement.com/blog/real-estate-marketing-the-benefits-of-working-with-the-professionals
How Much Input Does the Landlord Have?
Different property management companies want different levels of control over the rentals that they manage. Some will allow a lot of input from their clients while others prefer to take the reins.
Landlords who prefer to be hands-off and collect passive income will appreciate full-service property management companies that want to take over. Landlords who are just looking for a bit of help but who otherwise want to know what's going on on the property, set rent, and communicate with tenants will prefer a more flexible management company.
Neither of these options is right or wrong per se.
Time to Start Interviewing Property Managers
If you're ready to hire a property manager, it's time to start looking! Finding the best property manager for you can be difficult, but once you find one, your life will get so much easier!
If you're looking for property managers in Charlotte, NC, we want to meet you! contact Carolina Property Management to get started today.
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