The property owner needs to understand the purpose of the management fee (typically 10 percent ). The percentage management fee pays for the property manager’s time. The 10 percent allows someone else to help shoulder the burden of owning the property. The owner is paying for someone else to field 2:00 am calls. It is important to remember that the property manager cannot take all of the responsibility and burden off the owner. In the end, it is the owner’s property and the owner’s responsibility.Do you want to learn more? Visit Rental Property Management Company near me
When hiring any professional, an interview will be conducted to hire the correct candidate and then the professional is left to alone to do their job. Working with a property manager is no different. During the interview process ask good questions; require forthright answers, hire the right candidate, and then get out of their way. If an owner is a high micromanager then they should hire a certain type property manager (see Property Manager categories below) (see Property Manager categories below).
The owner’s personality needs to suit the property manager’s structures and procedures. Often owners will have trouble with a property managers structures and procedures. If a property management company sets office hours from 9-5 Monday through Friday and owner wants an update on their property @ 6:00pm on a Friday evening they will have to wait until 9:00 am Monday. This can make some owners insane who want to be really involved in the day-to-day management. If this is the case, they possibly should hire a manager who would be more attentive to the owner’s needs. Communication is a two-way route. It is not just the property manager’s duty to communicate effectively. Owners must realise that they must set the tone for how the property manager can handle the property.