In simple terms, an apartment property management company helps property owners maintain and rent out their apartments. If you're thinking about hiring an apartment property management company as an apartment owner - to make that decision, you'll need to know how much they cost, what benefits they offer, and how to look for the best apartment property management company for your needs. Let's take a look.
Apartment Property Management Company: Why You Should Hire Them
First, think about whether you might benefit from hiring an apartment property management company. New investors and long-term property owners may believe they want to "go it alone" and make no mistake, and this is certainly an option. However, you may find that managing your apartments becomes overwhelming before long. Here are a few instances where hiring a property management company would be wise.
Your Time is Limited
Many property owners and landlords treat their apartments as a secondary source of income, managing their property, besides working a full-time job. This is too much for a single person to handle. Hiring an apartment property management company can save you a lot of time and stress. They can handle the routine tasks related to apartment property management while you are at work, spending time with your family, or on vacation. Plus, if managing your rental isn't your main job, why would you want to answer emergency phone calls at midnight? Allow your apartment manager to handle that for you.
You Don't Live Close to Your Apartment Property
It won't be easy to handle maintenance requests or show your property to potential renters if you live away from your apartment properties. In an emergency, having someone nearby is important. An apartment property management company can handle everything for you, turning your apartment into a source of passive income. Also, they will be familiar with the rental market and will know how to price and market your apartment effectively.
You're an Investor in Multiple Properties
Owning multiple properties can be highly rewarding and profitable. However, with more properties comes more responsibility, and it can be difficult to manage each property individually. Working with an apartment property management company would be a good fit here as well. They can also help you increase the profitability of your real estate portfolio. Also, some companies offer consultative services to help you grow your investment portfolio.
What Does an Apartment Property Management Company Do?
Suppose one of those previous scenarios applies to your situation. You may now find yourself saying, " It's OK." But what exactly is the job of an apartment manager? " The short answer is the responsibilities of an apartment manager can differ depending on the needs of the property owners. However, an apartment manager is usually in charge of the day-to-day operations of maintaining an apartment. These tasks may include finding renters, responding to maintenance requests, and managing office duties related to leasing properties. Tenants occasionally face legal issues. Apartment managers can also handle such situations.
So You Want to Hire an Apartment Property Management Company… Now What?
Once you've decided to hire an apartment property management company, finding the right one is important.
Costs to Consider
The cost of apartment property management depends on the location, property type, and the company itself. Most companies charge a percentage of occupied apartment rent in general. On average, this can range between 6-12%. You should absolutely negotiate the terms of your contract with your prospective company, but remember that working with an apartment property management company should increase your profits in the long run.
PropertyAngel charges 9% of the rent as monthly management fees. There are no yearly or hidden fees to worry about. Also, you will not be charged a monthly management fee until your property is rented.
Experience Level Matters
While your budget may decide the apartment property management company you choose, don't sacrifice the experience level to save money. An inexperienced company may overcharge for repairs or fail to attract tenants on time. The cost of hiring an experienced company will be well worth it.
PropertyAngel has 8 years of experience in apartment property management.
Find Out How They Use Technology
Property management software improves the entire process of running a rental property—especially the communication surrounding it—from leasing your property to receiving your monthly rental income. Such software also improves the renting experience for your tenants. Your renters can make rent payments easily and directly contact your property manager for maintenance issues using their resident or tenant portal. This software can also help you access various accounting and leasing or maintenance reports in a portal designed for your needs. Having quick access to such information 24/7 will help you, as the property owner, ensure that your investment is profitable and on track.
Likewise, at PropertyAngel, we practice tech-enabled property management services with our online dashboard feature.
Interview Multiple Companies
Interview multiple candidates as you would for any other job interview. Inquire prospective apartment property management companies about their policies and procedures, the rental process, and fee structure. Inquire whether they specialize in any particular property type and how many properties they currently manage. Through this interview process, you'll have a clear idea of what companies in your market have to offer and at what cost.
If you need help managing your apartment, PropertyAngel can help you increase your property's profitability while reducing the time and energy you need to commit personally. Feel free to get in touch with us at (91-80-47095974) or (91-7406484455).