Property Management Company Questions..
What do these companies do, and what do they don't do that we investors might expect them to do?
I hear that they get a percent of the gross rent and then you can almost forget about the property, is this true?
If a pipe breaks at 2am, do they take care of it and then you pay them, or how would that type of thing work?
Thanx-
I am not trying to spam you as you live 3 hours away from me, but ifyou go to my profile and then to my webpage, look at the prop management portin. that is a pretty good idea of what you should ecpect from a prop management comp
Good luck and get references
Joe
Quote:I hear that they get a percent of the gross rent and then you can almost forget about the property, is this true?If you get a good property management company, this is true. Those that fail in certain aspects of the property management business need more supervision.
Quote:If a pipe breaks at 2am, do they take care of it and then you pay them, or how would that type of thing work?That is usually how it works. A good company will have building trades contractors that they can call in an emergency. Your management agreement should permit the management company to order emergency repairs at your expense without your prior approval. They will order the repair, then tell you about it after the fact. The managment company may withhold the repair costs from your next rent disbursement, or pay for them directly from a repair escrow account you fund just for these events.