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Here are some of the typical costs associated with property management:
1. Property Management Fees: Your property manager will typically charge you a fee every month, which is usually a percentage of the rent collected from your property.
2. Repairs: As a landlord, you are responsible for maintaining the home just as if you lived there yourself. Your property manager will typically take care of repairs automatically, and deduct them from your rent. Usually a property manager will get your approval if a repair is above a pre-set amount.
3. Legal Fees: In the unfortunate event that you need to evict your tenants, a property manager will connect you with a competant lawyer and deal with the court dates, but you will be responsible for the legal fees associated with eviction.
4. The Mortgage: You are still responsible for paying the mortgage on time, and in the event that you are unable to pay the mortgage, you need to talk to your property manager right away.
As you can see, two of these costs are just the cost of owning property. Using a good property manager will increase the likelyhood of finding good tenants that pay their rent on time. If you are ready to get started with competant property management, give One Step Realty, Inc. a call today at 800-611-3766!
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