When you’re interviewing someone to manage your property, there are really three key questions to ask that manager or that company. Today, we’re talking about those questions and we’re also explaining how we would answer them at the Ralston Team Property Management.
Property Management Fees
Every management company structures their fees a little differently. What you really need to ask is what kind of services will be included in the fee. Sometimes there’s a very low monthly management fee, but then there will be additional charges. There might be a lease up fee, which is what you pay when a tenant is placed in your property. That could be $500 or the equivalent of half a month’s rent. Some management companies might also charge you for trip expenses or inspection fees any time they need to go out to the property. Those would be in addition to the management fee.
You need to know how maintenance is handled, and it’s also important to ask about the fees associated with this type of work. When maintenance is necessary on your property, some companies will make a profit off the repairs that are needed. If they send a plumber to your property to clear a drain or a handyman goes over to fix a garbage disposal, you’ll have to pay the cost of the service as well as a markup that goes to the management company.
You’ll want to know when you get paid as a property owner. Some property management companies disperse rental payments to their owners on the 15th of each month and others wait until the end of the month. It’s important that you know when you can expect your money.
At the Ralston Team, we don’t charge additional fees. You pay a flat monthly percentage of the rent that’s collected, and everything is included; advertising, showings, screenings and background checks, rental agreement signed and security deposit collection. We don’t get paid until you do, and that’s a flat percentage of the collected rent. When maintenance is needed, every vendor we use is a third party contractor. They are not tied to our company, so we don’t make a profit on their work. In fact, we get discounted pricing based on the volume of work we give our vendors, and we pass those savings on to you.
A unique thing about the Ralston Team is that we pay all our owners in advance. You have your rent proceeds by the first of every month. If the tenant pays late, it’s our responsibility to collect that rent. You don’t have to wait for it.
These are some of the questions you’ll want to ask when you’re looking for a property management company. If you’d like to consider us, we’d be happy to give you an idea of how management works. Contact us at the Ralston Team.
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