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Informative Articles

Basel II's Three Approaches to Operational Risk Management
The operational risk requirements of Basel II proposes three measurement methodologies for calculating the operational risk capital charges. These are the Basic Indicator Approach, the Standardized Approach and the Advanced Measurement...
Effective Time and Records Management Means Maximized Profitability
Of all the concerns in today's fast-paced business world, time- management has to be among the most crucial. The smallest error in our records can throw off the timing of your entire day, or worse yet, lose us an important possible sale. As...
"Micro-management: Necessary evil or just plain evil?"
Micro-management. It’s a fact of management life. What I want to know is why so many people hate to be micro-managed yet so many managers continue to do it? Is it a trust issue? Do micro-managers think that for something to be done right, it must...
Property Management Company - Hiring One
Hiring a property management company is a great idea if you have even a small apartment building. Having someone taking care of all the small details of a rental property means you'll have more time to find the next good investment. Also, trying...
Time Management For Home Business Owners
As each day passes, and more and more things need to get done with your business, you may find yourself alittle overwhelmed with how much is left to be done. This is nothing new, and a problem that almost every home business owner encounters. There...
 
Hiring Rental Property Management

Why hire rental property management? Because doing it all yourself is the surest way to make your real estate investment experience a bitter one. You also have more time to find the next deal when there is someone taking care of the details for you. Hire a good property manager, but first ask the following questions.

1. How much is the fee? Fees vary around the country from as low as 4% of gross rents for larger buildings, to as high as 12% for single family homes. Be sure the fee is clearly stated and understood.

2. What other properties do they manage? It is best if they handle rental properties that are similar to yours. It is also helpful to drive by their other properties to see how they are maintained.

3. Who will actually handle your property? It is best if one person handles your building all the time. They should also have some experience. Get their name.

4. What costs extra? Is it extra for showings? Do evictions cost extra (beyond the legal fees)? Any other extras?

5. How is the fee collected and when? Will you be billed, or will it be deducted from your


account directly? Monthly? Quarterly?

6. What type of advertising? How do they advertise the units and what does it typically cost you?

7. Cost and time to prepare units? What is the typical cleaning fee on a vacancy, and how long will it normally be before it's rented out again?

8. What needs owner approval? What dollar amount needs your authorization, and is this negotiable?

9. Hours of operation? What are their business hours, and who takes weekend calls?

10. Accounting? What reports do they send? How often? How are accounts set up?

There are probably other questions you'll have as well, based on your particular needs and the particular property. Ask everything up front, and you'll have fewer misunderstandings. With good rental property management, real estate investing is a lot less stressful.

About the Author

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

 

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International review on management research. Peer-reviewed, occasional. Ejournal, with tables of content, abstracts and full articles available on-line.
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Advances the human resource profession to ensure that HR is recognized as an essential partner in developing and executing organizational strategy.
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Agency of the US government tasked with Disaster Mitigation, Preparedness, Response & Recovery planning.
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Online guide to small business management. Find articles, advice and how-to guides.
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Provides business management articles, webcasts, online learning, and books as well as conferences focused on leadership and decision making.
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Distributed object computing industry standards group founded in 1989. Defined standards include CORBA and IIOP.
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Management Reading | Global Executive | Business | Economist.com
The one management thinker every educated person should read Nov 17th 2005 ... The story of Emerson's successful management process is fascinating. ...
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Publisher of journals in management and library and information services, engineering, applied science and technology.
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