Whether you’re an experienced investor or a first-time landlord, there are many factors to consider when investing in property. You’ll need to consider a range of costs, including property maintenance, advertising, and potential tenant turnover. You’ll also need to consider the time investment required to manage your properties.
The article below, written by XL Real Property Management, addresses these challenges and provides insights into how to select the right property manager for your unique property needs.
A private property manager can be an excellent option for a rental property owner who is looking to reduce the risk of losing money on their investment and improve their tenant experience. In addition, a private landlord can save on some of the fees charged by professional property managers, such as the 3%-5% management fee that is often included in lease agreements.
When you sign up with a property management company, it’s essential to review the contract and be aware of what services they will provide. Make sure that they are transparent with their fees and that you understand how they will be calculated. You’ll also want to be clear on how they will handle maintenance and repairs, and how you should report issues.
Private property management companies will often have a team of local contractors to handle repairs and services. Be certain that the contract outlines how these contractors will be selected and that they are licensed and insured. Finally, you’ll want to be clear on how the property manager will handle any disputes between tenants and homeowners. private property management