The qualifications for property management are pretty loose. Just about anyone can set themselves up as a property manager. The big companies and the serious companies will have trained professionals on staff and people with lots of experience. Some of the smaller companies will hire just about anyone who has had some experience. You need to have experience dealing with tenants. Someone who is handy at looking after property or is available for the job.
Smaller companies and startup property management companies may be light on both experience and qualifications. In addition the board or owners of the property may also not have a lot of experience. They are depending on the property management firm to have the qualifications. They need experience to help them keep everything legal as well as run the property efficiently and cost effectively.
What are the Qualifications for Property Management to Look For?
The questions most owners of rental buildings and condo board members ask themselves is what should we look for when we hire a property manager. What services should we expect. On the other hand these companies have an objective to keep everything running smoothly since that maintains their income. But at the same time they want to keep their costs to a minimum.
Many condo or apartment management companies will charge a flat rate per apartment to rent out the unit, to manage the unit and collect the rent. Some will charge a finder’s fee for renting a unit while others will include this cost as part of their per door fee.
Attending board meetings or owner meetings may be included in the per door fee or they may be extra. Collection services and attending court proceedings may also be included for those situations where tenants skip town and do not pay the rent.
Your property manager’s expertise and qualifications may be a factor in this equation.
Qualifications for Property Management – Government Requirements and Restrictions
Some government jurisdictions are also enacting laws requiring boards and owners to take courses to train them in these areas. They do not always have much of a say in many decisions. The idea is to educate the board, investors and property managers on the functions of a condo board. This includes regulations regarding renting of units and the functions of property managers. The objective is to help everyone avoid costly mistakes. As well as misunderstandings that could cause difficulty for many owners.
Rent increase legislation is popular in many jurisdictions by politicians who are going after the popular vote. More people rent than there are owners. They do not really care about the investment needed to maintain a building. Rents will be allowed to increase by a calculated percentage each year based on many factors. Rent controls and rent legislation is another area that property managers need to have expertise in.
Smaller Companies
Smaller companies cannot afford to have someone on staff who is familiar with the methodology of how rent increases are calculated. As a result this could be another additional cost. The last thing a landlord wants to encounter is a charge by a tenant that rents have been raised too high. They do not want to have to rescind some of the rent increases. It is costly and looks bad for the landlord.
Check out the qualifications for property management carefully before you hire a property manager. Take the appropriate educational courses to set yourself in a good position.
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