What to look for when hiring a property manager in the Greater Boston Area.
There are many reasons a property owner may want to hire a property manager. A few reasons include not living near the property, not having time to manage the property because of a full-time job, not having the resources to find and retain tenants, or you are simply not interested in hands-on management. Although it may be difficult to put your business in someone else’s hands, it may prove to be a cost-efficient expense that will help your investment maximize ROI. It’s important to think of your rental property as a business. A property management company will manage your property or units like a business since it simply is their business. Here are some important things to think about when considering hiring a property manager.
How much are your going to pay for property management?
Depending on your location, property management companies will charge between 4-12% of the gross monthly rent in management fees. It is also important to understand what is included in that fee. Ask your property manager to give you a scope of services document so you clearly understand what is included in the management fee and what they will be responsible for.
How does a property manager handle rent collection?
Ask your prospective property manager about how they handle rent collection. One of the most important tasks of a property manager is to efficiently collect and record rental income. A good property management company should have ACH withdrawal systems set up to pull rent on the first of every month and a full-time accountant to make sure funds are properly recorded.
Maintenance requests and tenant communication
A professional property management company will have a tenant portal and a clear process for taking and recording maintenance issues/requests. If a tenant is not able to communicate issues with the property manager it can result in upset tenants along with deferred maintenance issues, and possible city fines.
Do they have a list of established vendors for unit and building maintenance?
Property management companies are large sources of business for contractors and vendors in the real estate sector. This means the property manager you hire should have developed relationships with contractors and vendors and should be able to pass bulk discounts along to you! Be sure to ask about how the property manager can save you money.
These are very important to items to ask and consider when hiring a property manager. It is important to have a conversation with a potential manager to see if it will be a good fit on both ends. If you would like to interview MerGo Property Management Click the link Here.