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 to do it all yourself is the surest way to make your real estate investment experience a bitter one. To find a good property manager, ask the following questions.
1. Other properties they manage? It's best if they have rental properties that are similar to yours. You can also drive by their other properties to see how they are maintained.
2. The fee? They 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.
3. Extra costs? Are showings extra? Do evictions cost extra (beyond the legal fees)? Any other extras?
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