Real property management refers to the professional management of real estate properties, including residential, commercial, and industrial properties. Real property management involves a range of tasks, such as property marketing, tenant screening, rent collection, lease management, maintenance and repairs, financial reporting, and compliance with local and state regulations.
Real property management can be done in‐house by property owners or outsourced to a professional property management company. Outsourcing property management can provide several benefits, such as freeing up time for property owners, accessing professional expertise, and improving the overall management of the property.
Overall, real property management is essential for ensuring the successful operation and profitability of real estate properties.
The tasks involved in real property management can vary depending on the type and size of the property being managed. However, here is a general list of tasks that are commonly associated with real property management:
These are just some of the many tasks involved in real property management. A professional property management company can handle all of these tasks and more to help property owners optimize their investment and minimize stress and workload.
The price for real property management services can vary depending on several factors such as the type and size of the property, the level of services required, and the location of the property.
Typically, property management companies charge a percentage of the monthly rent collected from the property, which can range from 4% to 12%. Some property management companies may also charge additional fees for services such as lease renewals, tenant turnovers, and maintenance and repairs.
It’s important to note that while the cost of real property management services may seem like an additional expense, it can actually be cost‐effective in the long run. Professional property management can help minimize vacancies, reduce tenant turnover, and maintain the value of the property, ultimately leading to increased rental income and profitability.
If you’re considering real property management services, it’s important to research different companies, compare their pricing and services, and choose a reputable and experienced company that meets your specific needs and budget.
Finding a reputable real property management company requires some research and due diligence. Here are some tips for finding the right property management company for your needs:
Ask for referrals: Talk to other property owners in your area to see if they can recommend any property management companies. Referrals can be a great way to find trustworthy and reliable property management services.
Search online: Use search engines and online directories to find property management companies in your area. Check their websites and read reviews and ratings from previous clients to get an idea of their level of service and reputation.
Check licensing and certification: Make sure the property management company you are considering is properly licensed and certified in your state. You can check with your state’s real estate commission or other regulatory agencies to verify their credentials.
Interview potential candidates: Once you have a list of potential property management companies, schedule interviews to discuss their services, fees, and experience. Ask for references and follow up with them to learn more about their experiences with the company.
Review their contracts and agreements: Carefully review any contracts or agreements provided by the property management company to ensure they meet your needs and expectations. Look for any hidden fees or unclear terms that could cause issues down the road.
By following these steps and taking the time to research and compare different property management companies, you can find a reputable and experienced company that can help you optimize your real estate investment.