Check your local restrictions. In many areas, property management for a fee requires a real estate license.
If your area has no such restrictions, or if you are already a licensed agent, then still get a copy of a property management agreement from a company in your area. Fee structures vary from locale to locale, and also vary in the services performed.
You will want a written agreement in place with your friend, so that each party's responsibilities are clearly defined.
Property management companies are a dime a dozen. Call a dozen of them, let them know you are shopping around for a mgmt company and that you would like to see their standard contract. Get a dozen and compare them. That will give you a good idea of what is and is not typically covered in your area.
Depends upon the management company. All the owner costs and the management fee structure would be detailed in the property management agreement.
When you interview management companies in your area, ask for a copy of their management agreement.
trying to get just a idea as a example.
firend wants me to manage his with my rentals and want to be fair.
thanks
Check your local restrictions. In many areas, property management for a fee requires a real estate license.
If your area has no such restrictions, or if you are already a licensed agent, then still get a copy of a property management agreement from a company in your area. Fee structures vary from locale to locale, and also vary in the services performed.
You will want a written agreement in place with your friend, so that each party's responsibilities are clearly defined.
Property management companies are a dime a dozen. Call a dozen of them, let them know you are shopping around for a mgmt company and that you would like to see their standard contract. Get a dozen and compare them. That will give you a good idea of what is and is not typically covered in your area.