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10 Tips on How to Find and Hire a Property Manager

Potential Tenants Asking Questions of a Property ManagerA property manager takes care of matters related to a property, on behalf of a landlord. He fulfills all necessary tasks such as maintenance, screening of potential tenants, signing a lease, tax accounting and other work related to the property. Managing a property is not an easy job. If you don’t want to be involved in this tiresome task, you can avail Cape Cod property management service offered by Real property Management Associates.

The property manager is a caretaker of the property. Finding and hiring a property manager who can perform all tasks efficiently is crucial. To assist you in this matter, we are providing some tips that need to be considered when finding the right company for property management in Middleborough MA and other cities of Cape Cod.

Referral and License

The best way to find a reputable property manager is by referral. Next, check the state Real Estate Commission and concerned authorities to make sure your respective property manager has an RE Sales license. After shortlisting your options, interview them to find the best fit.

Management Abilities

To know about their management abilities, ask the following questions:

  1. Where will he advertise the vacant house?
  2. What types of signs do they display at the front of the house?
  3. Do they advertise in the newspaper, website, or nearby places?
  4. What is the time frame to place a tenant and steps for tenants screening?
  5. Check to see if the property manager has a website.
  6. Are they providing details or statements?
  7. Will the website be helpful in the rental listing?

These are some of the questions that need to be answered for better selection.

Past Experience

Visit some properties that are currently managed by your candidate. You can do this by asking for addresses of a few properties they manage. Give things a look. Are the properties in good shape? Would you personally feel comfortable living there? If the answer is “no” then this person is not for your property.

Management Charges

What percentage do they charge for a management fee? Generally, there is no standard management fee. However, depending on your market area, you may expect to pay fees ranging from 8 – 10% of the monthly rent.

Property Inspection

Does your property need to be inspected on a quarterly, monthly or yearly basis? At the very least, it is best to check the inside of your investment at least once a year. However, the outside needs to be checked after every quarter. If you have tenant turnover, you can rely on the property manager to enter the home and assess its condition. Even if you have a long-term tenant, regular inspections are still needed to head off any major problems that the tenant either hasn’t reported or noticed.

Evictions Handling

Ask your candidate how often they file for eviction on their current properties. A high eviction rate can indicate that the candidate is not properly screening rental applicants.

Repair and Maintenance

How will repairs and maintenance issues be handled? Some property management companies take a monthly maintenance fee from your monthly rental income. Some will simply bill you for the amount of the repair on your next income statement. Be sure to set a limit on the amount that a manager can spend on your behalf. In case of emergencies like water or storm damage, he should contact you before making any decision.

Account Records

Set rules and procedures for accounts. Make it precise by tracking regular intervals such as months, quarters and years. Keep tabs on incomes and set limits on expenses for all accounts.  This will help you to monitor the profits and losses related to the property.

Management Contract

Review the details of the management contract. It’s important to have sound knowledge regarding all fees. For example, the property manager may want to keep all late fees or pet deposits.

Termination of Contract

A written agreement should always have a termination clause. If you are not satisfied with their work, there should be a predefined method to end your relationship. If it is an individual, notifying them via a signed letter will suffice. If it is a company then both parties should sign a document for canceling the contract, to avoid legal issues.

In Conclusion

Real Property Management Associates is a leading company in for property management. Our skilled and experienced property managers provide quality services. With no headache to you, we will take care of your property in the best ways possible. For more information, please contact us or call us at 508-509-4485.

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