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About Property Management

What does a property management company do?

A property management company is responsible for handling various aspects of property management on behalf of property owners. This includes finding and screening tenants, collecting rent, property maintenance, handling repairs, and managing tenant inquiries and issues. 

Why should I hire a property management company?

Property management companies bring expertise and experience to minimize the stress and workload associated with property ownership. They can help maximize rental income, ensure compliance with local regulations, find and screen reliable tenants, handle maintenance and repairs, and provide peace of mind to property owners. 

How much do property management companies typically charge?

Property management fees vary depending on the extent of services provided and the location of the property. Generally, property management companies charge a percentage of the monthly rent, ranging from 7% to 12%, or a flat fee per month. It’s important to discuss and clarify these fees before entering into an agreement.

How do property management companies find and screen tenants?

Property management companies employ various strategies to find suitable tenants for your property. These include marketing the property through online and offline channels, conducting background and credit checks, verifying employment and rental history, and conducting interviews with potential tenants to ensure they meet the set criteria.

How involved will I be in the decision-making process?

This depends on your preferences as a property owner. A good property management company will keep you informed and involved in decision-making when necessary. However, if you prefer a more hands-off approach, they can handle most decisions on your behalf, providing regular updates and seeking your input only for significant matters.

How does a property management company handle maintenance and repairs?

Property management companies typically have a network of trusted and reliable vendors and contractors for maintenance and repairs. They oversee the process, ensuring timely response and quality workmanship. They also handle emergency situations and routine maintenance on a schedule to help maintain the property’s value.

Can property management companies help with legal and regulatory compliance?

Yes, property management companies should have a good understanding of local laws and regulations related to property rentals. They can help ensure compliance with fair housing laws, property safety requirements, and legal provisions associated with lease agreements, evictions, and other rental aspects.

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