Property management companies can save the owner a lot of headache and even improve the income from that property. If you’re scratching your head wondering how in the world you can make more money hiring someone to do what you could do for free, think again. The average property management service does much more than collect your rent.

Customize your Plan

Property management services offer as much or as little service as you want. If you just need someone to collect the rents, you can. But did you know that they can also handle evictions and new tenant approval? How much time do you spend on just these two things when you could be turning your attention to other investments?

Whether you need management services for condominiums, cooperatives, apartments, or even individual houses, a property management service can save you a lot of time, trouble, and yes, even money. By choosing a full service package, you can be an absentee landlord with complete peace of mind as your management service collects your rents, maintains the property, handles emergencies of all kinds and generally manages your property as if it were their own. They will even pay your property taxes, pay your mortgage payments and prepare your annual budget, as well as provide you with reports at agreed intervals.

Some management companies will screen your prospective tenants for you, checking their credit and references so you can be sure you have the most reliable and stable tenants or tenants and weeding out prospects that could cost you money instead of being an asset to your property. . . They will handle maintenance requests from residents as well as upkeep of their grounds, units, and equipment. A property management service can deal with bad debt, manage your employees, and even provide security for your residents and property.

Rates are flexible

Of course, these services have a cost and, like anything else, it is better to look for the best price and the best quality of service. Property management services vary in their fees; some have a fixed charge per unit, while others charge a percentage of the rent. There may be a separate basic administration fee based on the rental income of the property.

Some will substantially reduce your rate by a unit when it is vacant; you can be sure they will work to get you a reliable tenant in that unit as soon as possible, which will benefit your financial health and theirs! Weighing those fees against the demands on your own time and the expenses of your employees will show you whether or not a property management service would be the right step to take.

Choose your management service wisely

Always thoroughly research a potential service. The best are members of the Accredited Management Organization (AMO), a centralized database of certified property managers, or the Institute of Real Estate Management (IREM), a professional organization for income-generating property managers. Services that have membership in one or both of these entities are held to high standards of professionalism and ethics. A good management company will encourage you to talk to other people who use their services and provide you with up-to-date references.