What should you do if you own rental properties and decide to move to a different city or state? After all, your new home might be far from the properties. So should you sell the properties when moving away? You can sell them if you want, but you don't have to. Instead, you could hire a property manager to manage the units. If you want to keep the properties, you should learn how this works. Here is a guide explaining it.
Understand what property managers do
First, do you understand how property management services work? The primary thing to know is that these companies manage rental properties for owners. While they might own some of their own properties, they primarily manage other people's properties. They can handle all the property management tasks needed or customize the services. You pay them for these services, but the fee methods vary. For example, some companies charge a percentage of the monthly rent collected.
Look for the best company
So if you want to hire this out, you get to choose the company. You can look at property management companies in your city to see your options. Then, you can interview companies to determine which is the best. You can also compare the fee structures and methods each company uses.
Hand over the duties
Once you hire a company, you can hand over the duties. If you hire them to do everything, you can move away without worrying about your properties. They will handle every detail and task, allowing you to move to a different area without concern.
Ask for monthly statements
When hiring a company for these services, ask them for monthly statements. These statements show all the money they collect from rent and the expenses. You can keep an eye on your properties from afar by monitoring these statements.
Visit the properties periodically
However, you should also visit the properties periodically. For example, you might visit every quarter to see the rental properties. When viewing them, you'll see if they look cared for by the property manager. You can also see what work they need or changes you'd like the company to make.
Hire a property management company
Now that you understand how this works, you might decide to keep the properties. If so, you must search for the right property management firm to manage the units. You can search your area and interview companies before selecting one.
Contact a property management service to learn more.