Property Management – Northridge
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Hiring a Good Property Manager |
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If the responsibilities of managing your rental property are more than you have time to for or care to handle, you should consider hiring a property manager. From approving tenants and handling maintenance duties to cleaning a vacated apartment, the property manager can perform a variety of duties for your rental property.
When you screen a potential manager be sure to ask these questions:
*How long has he or she been a property manager? *What is the manager’s educational background? *Is the manager professionally certified? *What examples of asset improvement the property manager has achieved on other properties? *What professional references does the manager have from other properties? *What are your charges? *Who will we determine if you’re doing a good job or not?
FREQUENTLY ASKED QUESTIONS
Q. Should I use a management plan for my property?
A prospective property manager should have a management plan for you. The management plan is a blueprint for how your building will be run. It should contain a neighborhood analysis, property analysis, analysis of alternatives (operational changes or suggested changes in property use), cost and benefit analysis, such as tax advantages and recommendations.
Q. How much should I expect to pay for a property manager?
Depending on what area of the country you are in, you should expect to pay approx. 10% percent of gross rents, plus a 350.00 locator fee for the placement of any new tenant. These fees are deducted from the rents collected, not pre paid.
Q. Will the property manager handle advertising a vacant apartment?
Yes, a good property manager will have an advertising plan that has been effective in renting units similar to your rental property.
Q. Can a potential tenant ask for information on the prop. manager? Yes, a smart tenant will want to know specifics about the property manager since this is the person he or she will be relying on to maintain the property and handle emergencies. The manager should be able and willing to answer any appropriate tenant questions, or even have an information sheet available on exactly what the manager’s duties are. Q. Will the property manager do the hands-on maintenance duties? Not likely. A property manager will hire a janitor to do basic maintenance or maintain the grounds. The manager will also hire out contracting services for more complicated repairs or property improvement.
Q. How do I know if my property manager is doing a good job?
If you are not receiving complaints from your tenants and the apartment turnover is low in your rental properties, your manager is probably doing a good job. But, a responsible landlord also has to rely on his or her own impressions. Just because you have a manager does not mean you should not regularly visit your properties and see how they are being maintained.
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