Must Read for Future Property Owners/Managers of Apartment Buildings
Owning/managing the property.
Now you have the property. Next step is to decide if you want to manage the property your self, or hire a property management company. If you want to manage the property your self, you should get training from your local apartment association. They have classes to help you. Also, you should read on property management. Don’t just jump in and start being a land lord and not know what you are getting your self into, and what demands/requirements are needed.
If you decide the you would like to get a property management they will take 5-10% leasing commission of annual rents. I suggest that you go to http://www.irem.org and find a property management company in your area. Once you have selected a group to call, ask them the following questions (or you can go to their web site and find answers to the questions below):
• How long have you been in business?
• What professional designations do you hold?
• What continuing education programs do you offer your employees?
• Can you call existing clients of theirs? read more…
