Property Management Basics

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Real Estate

A topic we get questions about on a daily basis is property management, or how to manage a property yourself. It is important to know that there are different types of property management and that it is not a one size fits all business. Once you educate yourself on the management options in your area you can determine if it is worth hiring a professional to manage your property or if you would rather manage it yourself.

Financially, you should expect to pay a different percentage of your monthly rent depending on the type of property management you pursue. From what our clients have reported you can expect to pay the following for a property manager.

An onsite property management company
    - Up to 60% 
A third-party private property manager
    - 25% - 40% 
A private property management company who offer à la carte services 
    - Starting at 10% depending on how much they do

When prospecting different property managers in your area be prepared with pointed questions. Below are a couple of good questions to consider asking when in conversation with a potential property manager.

How are they compiling their information?
How many properties do they manage?
Ask how they manage properties that are similar?

If your lifestyle has too many other things that demand your attention, hiring a property manager might be your best option. However, if you have the margin and desire to manage your property yourself that can be a great option too. For our clients who manage their own property, we often see this as a team effort amongst the family. 

If you decided to hire a property manager they will quickly become a key member of your vacation rental power team. Check out this link to learn more about the services a property manager can provide and about a specific property management company located in the Branson area. 

It is important that no matter who you hire as your property manager if you decide to go that route, that they are trustworthy and have experience.