The goal at Sage Management LLC, a property management company working in the Washington DC and Baltimore area sub-markets, is to provide maximum value to its investors, tenants, and employees. Sage has invested a great deal of time and resources to make a positive impact in the communities it operates in. Doing this requires extensive knowledge of property management, something the experts at Sage Management LLC have mastered over their decade-long existence in the property market.
For investors who choose to outsource the management of their properties to a professional firm, knowing what to ask and expenses to incur is an important part of the hiring process. In almost every property market, you will find managers who tout all manner of accomplishments and strengths. Investors with little familiarity about property management can work through the following checklist.
Leasing
How much will the professional management firm charge to bring in new tenants to the property? It helps if you can find out how the property manager expects to charge for tenants. Managers who charge lower fees may not be inclined to spend a lot on advertising. You might think you’ll save some money, but it may cost you more in the long run if the property manager fails to attract tenants.
Management fees
Property managers will charge a certain percentage of the monthly income as management fees. This can be anywhere between 7% and 12% of the monthly rent collected. As an investor, you want to find out whether this fee is charged against the rent collected or is charged regardless of collection (or occupancy). It’s also a good idea to figure out the services offered as part of the fee.
Repairs
You might find a property manager that can ensure 100% occupancy and keep tenant disputes at an absolute minimum, but if they can’t find affordable contractors and service providers for the regular maintenance and repairs, you could end up having to pay more money. It’s important to understand whether the property manager intends on outsourcing the repair work, or has handymen ready to do the work at affordable costs.
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