A residential property management service can be beneficial for owners of rental homes and apartments, as they handle all the tasks involved in obtaining tenants, working with them on lease agreements, maintenance requests and payments, and dealing with any issues that arise such as evictions. In addition to these services, they are responsible for hiring and supervising any other employees such as cleaners or security personnel that work on the properties. They also manage the building budget, keep records and files of income and expenses, and conduct regular inspections to ensure that everything is running smoothly.
Some companies charge an all-inclusive fee, while others unbundle their services and offer a la carte options. A good way to find out which option is best for your needs is by reading client testimonials on their website. If a company doesn’t have any, that is a red flag and it might be a good idea to move on to another company.
Other fees that may be charged are setup fees, a leasing fee and a vacancy fee. Setup fees are usually a one-time cost, while leasing and vacancy fees are typically a percentage of monthly rent. The leasing fee covers the costs of marketing and showing the space to potential renters, while the vacancy fee is charged when the rental is empty.
Some residential property managers also provide special housing management services for those who qualify for affordable rates and other programs that require specialized rules and regulations to follow. These services can be very helpful for owners of buildings that have to follow complicated rules, and having a resident manager can help ensure that all requirements are met in the most efficient manner possible. residential property management service