Property Management - How does it work?

The first step is to select a Property Manager you can trust and that will look out for your best interests. 

The owner and Property Manager will then enter into a management agreement outlining agreed upon fees, property details and manager responsibilities. Fees usually include a percentage of each months’ rent (generally 8%-12%) paid to the manager, a lease renewal fee, maintenance arrangement fees, etc. 

Next, it is time to find a tenant. We will market the property in multiple ways, receive rental applications, credit, and background checks. Once a fitting tenant is found, we will have them sign a rental agreement, and coordinate their access to the house.  

There are many ongoing tasks that a Property Management company will handle: Collecting rent, coordinating repairs, lease renewal, property inspections, regular property maintenance, bookkeeping, etc. 

The initial term of a Property Management contract is generally one year. Hopefully at the end of the year you are thrilled with your decision to hire someone to manage your property, and you will want to renew. However, if you decide that a Property Management company is not for you after the initial term, no problem! 

In summary, don't be afraid to give a Property Manager a try! Let them show you their value by caring for your needs, your property and your tenants.