on site apartment management – What Are The Benefits Of Working With A Property Management Company?

Tuesday, December 22nd, 2009 at 2:40 pm

What Are The Benefits Of Working With A Property Management Company?

There are many benefits to considering a good property management company, especially if you are a homeowner’s, condominium owners or subdivision association that collects dues and maintains public areas. A good property management company can offer many benefits, but here are the 7 that make them the most valuable:

Billing and Collecting Fees:

Because the cash flow is crucial to many associations, apartment complexes and rental housing portfolios, a good property management company acts as an intermediary that handles the billing and collections of fees, whether they are monthly or annually. Cash flow can make a difference in affording capital improvements, maintaining the integrity of the property values and maintaining the condition of the properties.

Budgeting and Financial Statements:

Many full service property management companies offer all kinds of accounting services and budgeting or financial statement auditing. This is crucial to keep an association or rental property complex in good repair and proper legal standing with lenders, owners and government authorities. Budgeting is important for capital expenditure items, also.

Repairs and Maintenance:

Having a property management company handle the repairs, no matter how major or minor is an advantage, especially when it comes to public amenities, like swimming pools, clubhouses, sidewalks and other common grounds. Individual units in a condo complex can affect other units, such as a top floor unit leaking into lower floors, so quick repairs can be crucial before they cause too much damage. If the need for a contractor becomes necessary, a good property management company knows exactly who to call to get a quick repair at an affordable cost.

Legal Compliance:

Full service property management companies have a legal team that is familiar with local ordinances, state laws and federal regulations. When it comes to associations, this can be crucial, when it comes to handling fiduciary duties on behalf of the ownership.

Leasing or Renting Units:

When it comes to rental units, a property management company is able to pre-screen and hand
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le the documentation for potential tenants and finds those that would be a good credit risk and addition to the community, while staying in federal discrimination guidelines. The same is true when the need arises to evict a tenant in an apartment complex or condo complex with rental units.

Capital Improvements:

When it comes time for capital expenditures, a property management company will oversee bidding, job completion and payment of major projects, while making sure the projects stay within the budget. Because they often deal with the same contractors on a number of assignments, they can get a better deal than associations or owners that try to hire contractors on their own.

Hands-On Management:

A property management company will provide an on-site property manager that will oversee the property, association or subdivision. This is especially helpful for real estate investors that are absentee or located in other parts of the country. Sometimes, a property manager will live on-site or located close by.

A full service property management company can give you peace of mind, which might be one of the largest benefits, if you are the board of directors of an association or an absentee owner. Having somebody to look out for your interests and maintain property value and condition is crucial.

By: William Douglas

Article Directory: http://www.articledashboard.com

William Douglas Management is a leading Charlotte Property Management company that has been providing quality association management services to North Carolina and South Carolina since 1980 focusing on Homeowner and Condominium Owner Association Management .Be sure to check out the services of this ace Raleigh Property Management company.

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Property Management Company – Hiring One
by: Steve Gillman

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?

4. Who actually handles your property? It’s best if one person handles your building all the time, and has some experience. Get their name.

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

6. Type of advertising? Exactly how will they advertise the units and what will it typically cost you?

7. Time and cost to prepare units? What’s the typical cleaning fee on a vacancy, and how long will it normally be before it’s rented out again?

8. Type of accounting? Which types of reports do they send, and how often? How are accounts set up?

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

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

You should ask other questions, based on your particular needs and the particular property. Be sure to ask everything up front, and you’ll have fewer misunderstandings, and a good manager. Real estate investing and being a landlord is a lot less stressful with a good property management company.

About The Author

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

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