Property Management Companies

Property management companies serve as the middle man between landlords and tenants and alleviate much of the stress that inevitably comes from renting property. Customer Service

When you call up property management companies, pay close attention to their customer service. Company History
When interviewing property management companies, ask about the types of properties that they have managed in the past, and how long they have been managing the type of property that you are leasing. In addition to the history of the company, consider the amount of experience possessed by the company's employees. Fees
The services a property management company provides can range from ala carte to an all-in-one inclusive package. Property management fees should be outlined in you manager/owner contract.

Ask around to friends, family, and coworkers and get their recommendation for property management companies to consider. Different management companies offer different levels of commitment to the property.

Properties they manage - Property management companies are as different as car dealerships are to each other. You need to ask what types of property they manage and make sure your type of property is one they manage. If you own a single family home, a company that manages mostly large apartment buildings or commercial property would not be a good match. Inspections - A thorough property inspection should never be overlooked by a property management company. A property inspection can range from drive-bys, a walk-through or a video inspection. Maintenance - When it comes time to performing maintenance or repair work to their rental properties some property management companies have their own in-house maintenance personnel. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.

On the other hand, the management company may decide to outsource all or some maintenance work to outside vendors. In-house Maintenance
Some property management companies will add a surcharge or mark-up above the actual cost of any repair work to cover their time in acquiring these bids. Accounting - Most full service property management company will offer as a customary service some type of accounting procedure.

A Local Property Management Company will have local expertise and knowledge. Marketing Magic: Reduce the time your property is unoccupied by relying on the property management company's marketing expertise rather than the time and cost of advertising the property yourself. By adding your property to a property management company's rental listing, you can massively increase the chances that it won't be long before your property is occupied and you're making money from your rental property.
Tenant Relations: The property management company will take care of screening potential tenants, checking references and ensuring that the tenant is the best possible choice for your property.
A property management company will keep meticulous records of payments made by the tenants and delivered to you.

A large percentage of management companies charge 100% of the first month's rent to find a tenant for you. A property manager typically will list the property in a Multiple Listing Service, run a Craig's List Ad, and put up signs at your rental property. Make sure the leasing fee is only due when they successfully rent your rental property. Avoid National Real Estate Companies with a Property Management Division.

Because most of these companies are franchises they charge a ton of extra fees and higher commissions because of their franchise fees.
Stick with a local, non-brand property management company that does not sell homes for the majority of their business. You want a company that specializes only in property management.

There shouldn't be any advertising fees, but I have seen some management companies charge up to $750.

Many companies charge you $300-$500 to set up and process your rental property into their system. This fee really upsets me. It takes 5 minutes to put a rental property into a typical property management software. I have found numerous examples of management companies holding their owners hostage and threatening law suits if they fire them before the management contract is up. You will be very surprised about the various little fees some property management companies tack on in addition to the management fee.

Property Management Fees
Unlike a real estate sales commission, there is no standard commission that is charged for rental management services. Lease-up or set-up fee
Lease renewal fee
Advertising fees
Mark up charges on repair work
Early cancellation fee
Service call fees..etc

If I cancel prior to you placing a tenant in my property is this fee refundable?
Lease Renewal Fee

Do you charge me a fee when you renew a tenants annual lease that is soon to expire?
Advertising Costs
Who pays for advertising costs? Early Cancellation Fee
Is there a cancellation fee if I decide to cancel my contract with your company if after 3 months no tenant? All of the above are the most common fees to be charged for property management services.