Property owners know they will need the services of a high quality management company if they are familiar with the process of what it takes to correctly manage valuable real estate investments. A management company will be invaluable. However, there are a few things that owners should consider when they are searching for prominent property management companies in Connecticut.
Statements and Reports
A company that is not transparent with their activities is no good. Your designated property manager should send monthly reports on each of your properties that are under their management. It should consist of a summary report that states all transactions related to your properties and issues surrounding them as well. Tenant names, base rental amounts, CAM payments that have been received by tenants, income and expense statements, and other relevant information are all things you will most likely see on your monthly report. This will allow you to quickly determine whether or not a tenant has paid their rent. It is a fast and accurate way of ensuring your properties are performing at the level they should be. If something is amiss on the report, then that will let you know you need to further evaluate particular issues.
Late Fee Entitlements
If a tenant needs to be late on their rent for one reason or another, they are required to not only pay the rent but also the late fee. These fees are meant to compensate the property owner for their inconvenience and for the fees they have incurred in collecting the late rent. Some property managers may try to convince you they are entitled to the whole of the late fees, as they are the ones who do the legwork to acquire the fees. However, this is not the case. They may get a portion of it, but they should never get all of it. It depends on how your contract is written with the management company. Always ask them up front how their company handles late fees. You do not want to get ripped off, so make sure you are satisfied with their response before you hire them.
Management Fees
Management fees, in most cases, are a percentage of the monthly income the properties generate. These fees are cut-and-dried in your contract with the company, so there should be no disputes. They are a small price to pay when you consider the level of service you will receive from rental management professionals.
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