How To Not Get Ripped Off When Hiring A Property Management Company

When choosing a property management company, it's very important to fully understand all the fees and charges as outlined in their "Property Management Agreement". The main fees a company will charge is the leasing fee and the monthly management fee. Although it might be tempting to hire the company offering the lowest leasing fees and management fees, but in actuality all property management companies must make a profit or else they will go out to business. These low cost companies are trying to trick you by making you think they are the cheapest but their management agreement has additional charges that most people overlook. Some of these nickel and dime fees are:

Trip charges Inspection fees Deficient reserve account fees Repair cost add-on's Set up fees and much much more!

IT'S IMPORTANT TO FULLY UNDERSTAND ALL THE FEES IN ANY PROPERTY MANAGEMENT AGREEMENT!

The company offering the lowest leasing fees or no leasing fees for that matter, will more than likely let anyone move into your property so that the property manager can start earning a monthly management fee. Not all tenants are created equal and bad tenants will cost you more money than hiring a more expense company. A bad tenant will cause more damage to your property than what the security deposit will cover, they will not honor the full term of your lease (it costs more money to find a replacement than it is to keep an existing tenant) and you might have to evict the tenant for not paying rent.

Also, you will want to learn about each company management styles in terms of how they manage your properties. Some common questions to ask are as follows:

If there is a repair request, do you inspect the property first for wear & tear or do you just hire a handyman to make the repairs. Tenants should be responsible for damage to the property and not the landlord. If the tenant has damaged the property, how do you make sure they make the repair or pay for the damage. How many properties do you currently manage? A large number of properties under management could cause your property to be neglected. How do you collect เช่าคอนโด สุขุมวิท the monthly lease payments? Mail, direct deposit, delivery. If the tenant does not pay rent, how do you handle the eviction process. How often do you inspect the property for damage and upkeep.

These are all very important questions to ask the property management company you are considering hiring to manage your properties. The wrong way to handle these aspects of property management could cost your hundreds or thousands of dollars.