Property Management FAQs:

 

What is a residential property manager?


A residential property manager oversees income-producing residential properties, such a single-family homes, duplexes, townhouses, apartment complexes and mobile home parks.

 

What should I look for in a property manager?


Look for experience in important areas, such as maintenance, leasing, collections, marketing, advertising, tenant relations, financial analysis and budgets, and knowledge of relevant local and state laws. 
In addition, many property managers are credentialed by national industry organizations, which can help you narrow your search.

 

What are the responsibilities and duties of offsite property managers?


Property managers who do not work onsite market vacant space to prospective tenants through the use of a leasing agent or by advertising or other means, establish rental rates in accordance with prevailing local economic conditions, screen tenants, negotiate lease agreements, collect rent, arrange for maintenance, repairs and upkeep of the building and grounds, and deal with problem tenants.

 

How do property managers charge for their services?

 

Fees are typically paid in one of two ways - more typically percentage fee, and sometimes a flat fee. Percentage fees can be a good incentive to the manager to improve the income of the building. A flat fee may be more appropriate when the property is a condominium or a type of cooperative complex.

 

Will I need a property management contract or agreement?

 

Regardless of the type of property, a written agreement between the owner of the property and the manager is very important, as the manager will be taking on significant responsibilities with the owner's real estate. At the very least the contract should:

  • Identify the parties and the property
  • Specify the length of time of the contract
  • List the responsibilities and the authority of the manager
  • List the responsibilities of the owner
  • State the fees and leasing or sales commissions and
  • Include the date of the agreement and the signatures of the parties.