Property management is a specific area of real estate practice.

Licensed property managers can:

  • find suitable tenants
  • properly draft lease agreements
  • provide flexibility and convenience if you live far away from your rental property
  • regularly inspect the property
  • collect rents
  • maintain the property
  • deal with nuisance tenants
  • many property managers become licensed exclusively in property management, and cannot represent a consumer when buying or selling a home..

CONSUMER TIP: there is no standard commission for real estate professionals, including property managers. Compensation is 100% negotiable.

There are a number of things you should consider when making the decision whether or not to hire a property manager for a property you own.

  • how much time do you have?
  • have you managed investment property in the past?
  • how many investment properties/units do you own?
  • do you live close to your investment properties?

Managing investment property can take up a significant amount of your time, and it requires specialized knowledge – of rules, industry standards, and legislation. Not all property owners have the time or the experience to manage their own properties successfully. Think about the four questions above and consider how hiring a property manager could possibly benefit you.

Property management professionals must enter into a written service agreement when beginning to work with a client. Written service agreements ensure you understand what the industry professional will do, how they will go about doing it, and how they will receive payment. Read more about written service agreements here.

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