Rental asset administration - Ten Questions

Apartments Rent - Rental asset administration - Ten Questions

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Why hire rental asset management? Because doing it all yourself is the surest way to make your real estate investment feel a bitter one. You also have more time to find the next deal when there is man taking care of the details for you. Hire a good asset manager, but first ask the following questions.

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Apartments Rent

1. How much is the fee? Fees vary around the country from as low as 4% of gross rents for larger buildings, to as high as 12% for particular house homes. Be sure the fee is clearly stated and understood.

2. What other properties do they manage? It is best if they handle rental properties that are similar to yours. It is also helpful to drive by their other properties to see how they are maintained.

3. Who will in effect handle your property? It is best if one man handles your construction all the time. They should also have some experience. Get their name.

4. What costs extra? Is it extra for showings? Do evictions cost extra (beyond the legal fees)? Any other extras?

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

6. What type of advertising? How do they advertise the units and what does it typically cost you?

7. Cost and time to get ready units? What is the typical cleaning fee on a vacancy, and how long will it commonly be before it's rented out again?

8. What needs owner approval? What dollar estimate needs your authorization, and is this negotiable?

9. Hours of operation? What are their enterprise hours, and who takes weekend calls?

10. Accounting? What reports do they send? How often? How are accounts set up?

There are probably other questions you'll have as well, based on your particular needs and the particular property. Ask everything up front, and you'll have fewer misunderstandings. With good rental asset management, real estate investing is a lot less stressful.

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