5 Things to Ask a Property Manager Before Your Hire Them
Historically, real estate is one of the best investments that you can make. Turning your Austin, Texas house into a rental home could be a great financial decision that helps generate passive income while paying off an asset you'll own in the future.
However, owning a rental home in Austin differs from operating one. Finding renters and managing your tenants could be a whole lot more than you bargained for and being on call for maintenance at all times might not be your thing. These are the most important questions you should ask your Austin property manager, or any property manager if you’re shopping around!
What do you charge for property management?
Your rental home was purchased as an asset intended to make you money, right? That's why knowing how much it'll cost you to hire a property manager is an important question. Most property managers you'll speak with either charge a predetermined flat-rate or will charge you a predetermined percentage of the monthly rent. Once you know the fee you will better be able to determine the expected cash flow you should receive for your property.
What are the fees that are not included in the monthly management fee?
These might include extra fees for evictions, notices to vacate, or HOA violations. You don’t want to be surprised 6 months into a lease when your account doesn’t reflect the full amount you’re expecting. It...