Property Management Near Me
If you own a property you do not live at or co-own a property with a group of people, you may want to turn to a property manager to handle daily care and general building operations with a budget in mind. A great property manager can keep your building or property up to date on taxes, efficient, and running smoothly.
Ready to find a property manager near you? Simply browse property management near me on the map below and find a list of property management services in your local area. Need a bit more information on property management? Read on for interesting facts, trivia, and more!
Property Management Near Me – Find it on the Map
Property Management Near Me – Property Management Trivia
True or false: A Property manager is the same as a landlord.
When you think of a landlord, what comes to mind? You’re probably taken back to your earliest rental days when a guy in a white tank top and mustard stains would angrily demand your rent check the second it was due. Well, not all landlords are one in the same. Additionally, some rent collectors are not landlords at all, they’re property managers. Property managers and landlords are not the same thing, but they do bear many of the same duties.
Property managers work to ensure that your property operates smoothly. They help maintain appearance and seek to preserve or increase the value of the property itself. They inspect all facilities and eventually hire a maintenance staff to take care of day to day projects or issues. They also contract services for trash removal, snow removal, and landscaping.
Unlike a landlord, property managers also operate as brokers or agents. They show properties to prospective tenants or buyers and explain both occupancy terms and collect monthly rents, taxes, and other fees. A property manager also ensures that the property is compliant with all relevant laws. Their role is similar to that of a landlord but much more involved. As you search property management near me, consider all the ways hiring a property manager could benefit your property.
How much does a property manager make?
Searching property management near me in hopes of getting into the business yourself? Well, the prospects are good salary wise! Just how much does the average property manager make? Keep this in mind as you search property management near me. According to the Bureau of Labor Statistics, property managers have an average salary of $64,000 per year. The top ten percent take in around $112,630 per year and the lowest earners only took in around $25,810 per year. The highest wages were with insurance carriers who took home a whopping $117,880 per year. Wages often depend upon the type of building and the location of the building. For example, a property manager in New York City is probably going to make more than one living in Tulsa.
Property Management Near Me – Property Management Facts
Can You Afford A Property Manager?
For many property owners, hiring a manager is a simple way to keep operations running smoothly. Unfortunately, the peace of mind that a property manager can bring often comes at a cost. Before you can go about searching property management near me, you first need to assess your finances and your ability to hire a quality management team. Property managers are not free. They will charge a steep fee, on average, somewhere between 4% and 10% of the monthly gross income for the property. The typical fee for a single family rental comes in closer to 10%. Whereas the fee for a property consisting of 10 units or more is typically between 4% and 7%.
A single family home that brings in a gross income of $1,000 might have a management fee of around 10%, which is $100. In this case, paying a manager $100 a month to manage a property wouldn’t be enough to entice a great property manager. In fact, you’d have difficulty pulling in a property manager at all. Larger properties can offer thousands per month to attract seasoned professionals and those with the experience to take the property to the next level. Remember, you almost always get what you pay for in life and in property.
Say you’ve hired a great property manager and are paying them handsomely to run day to day operations. This isn’t the end of your budget, in fact, it’s the beginning of a more balanced financial operation. Consider why as you search property management near me.
Property managers excel at managing budgets for the building and aiding in the maintenance of all important records. They work to operate within the means of a very strict budget. Because of this, they will use their judgment when it comes to investments to the physical structure or repair work that may need to be ordered to maintain tenant happiness. Since they know property and the real estate game so well, they’re good with numbers and knowing what is worth paying more for.
A property manager also maintains records and keeps track of all income and expenses. This includes signed leases, maintenance requests, complaints, records of repairs, costs of repairs, rent collection, insurance costs, and taxes. When all of these things are laid out in front of you in an organized manner, you can truly create a budget and gain a sense of where your money is coming from and going each month. In the long run, this can actually save you money.