Landlord Beware!!! A common misconception is that all property managers will provide you with the same level of service no matter the property management fees.
There are many organizations out there that provide property management services. You have your discount property managers; you have your premium managers and a whole lot between! Some companies focus on Property Sales with Property Management merely a side thought, while others focus more directly on Property Management.
When selecting and comparing a property manager many people look solely at the price, however this is not the way to get the best deal in property management.
For instance, a cheap property manager may be able to offer a discounted fee as their reporting may be less detailed, or they may hand out keys to prospective tenants so they can view the property. By saving time on the reports and the viewings, they are able to offer a cheaper fee. Cheap managers may take longer to lease your property; they may even lease your property for less. Therefore you will be receiving less return on your investment.
On the other hand, your premium property management companies may be completing reports in a very detailed manner, and personally showing prospective tenants through the property, getting feedback, negotiating and trying to secure tenants quickly.
By paying for a premium service, you may be able to save money in the long term by reducing vacancies and securing a solid tenant.
So before you start comparing agents based solely on their fees make sure you meet with your prospective managers to make sure you get the right level of service for you!
Read an article on: “Property Manegement Fees“