When you hire a property management company your want them to be experts in:
• Finds tenants and screens them
• Collects rent
• Fields tenant phone calls
• Arranges for repair workers to fix issues
• Arranges for the property to be cleaned and updated before renting back out
• Charges a fee for their service that is equal to 7-10% of the monthly rent and 50% to get a new tenant in.
• Provides itemized list to investor of all costs
• Sometimes charges extra hidden fees like for faxes, paperwork, repair calls etc.
• If they are good they will inspect the property and do maintenance on a scheduled basis
• Provide a monthly report on expenses and revenue
• Pay property profits to property owner monthly
One of the most important service you want from a property manager is excellent communications. No one like surprises when they have investment property.