Do city inspections, water bills, evictions, late payments and 2 a.m. service calls keep you awake at night? Oakland County Property Management is a very demanding job that is best left to the experts. Although owning rental properties can be financially rewarding it also requires a large commitment of time and effort. By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
DO YOUR RESEARCH – find out exactly what you will be getting for your money. Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.
NOT EVERY PROPERTY MANAGEMENT COMPANY IS THE SAME - Don’t let fees be the deciding factor when selecting a Property Management company to take care of your investment. Hidden fees for additional services can quickly add up. Below you will find a list of questions to ask when comparing one company to the next:
- Is the company full service? In other words, is their primary focus Property Management or is it just a service offered. Be aware of companies that dabble in Property Management part-time.
- Is there a vacancy fee? This is one of the hidden costs that can cost you a bundle.
- Is the Property Management rate for collected rent only? Some companies charge a monthly percentage whether rent is collected or not.
- How are tenants screened? You want to make sure the tenant screening process is thorough and includes county records and previous judgements.
- How is maintenance handled? Do you as an owner have a say? Are you able to complete the repairs yourself if you choose? Are all maintenance requests approved by you?
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
To find out more about Property Management in Oakland County, Macomb County and Lapeer County, visit the specialist at MRErent.com.