Many “property managers” are not, but have taken advantage of the opportunity to increase their profits while the market is hot. DO NOT USE AN UNLICENSED MANAGEMENT COMPANY, EVEN Though THEY ARE CHEAPER! You would be unable to stop them.Do you want to learn more? Visit Polaris Property Management, LLC
Find out what kind of tools the management firm employs. Buildout and Property Ware are two good web-based property management software programmes that offer property owners a portal login so they can access their account through the web 24 hours a day. All occupant calls, maintenance issues, deposits, late notifications, and other information will be logged into the software programme by a good property management company. This is advantageous to all parties because the majority of an investor’s questions or concerns can be answered by logging into the software programme and reviewing the information available. This saves the property manager and the owner a lot of time on the phone. It also assists the owner in focusing their questions or concerns by answering relevant details contained in their portal.
The aim of investment is to make money. You must be aware of when money arrives, where it is, what your costs are, and when you will receive payments. The majority of management firms reconcile accounts one month behind. Since not all expenses arrive in time for a correct accounting to disburse rent proceeds in the same month, rents received in one month are disbursed the next month. Each management company is different, but they should be able to tell you exactly when you should expect your monthly payments. You’ll also need to know when the tax man would require quarterly or annual accounting. Again, a good software programme makes it much easier for the management company to monitor and share this information with you. The fees charged by a management firm are important to me, but not as important as the other things on this list.