Guide to Apartment Management

Save both time and money by hiring an experienced apartment management provider
By Kimberly Webb

When you're trying to find apartment management professionals to run your rental properties, you might not feel comfortable at first turning things over to someone else. But once you know a little about the process, you'll quickly realize what a valuable time-saver it can be to have someone else oversee your property while you focus on other tasks.

Choosing an apartment management provider takes some time, especially if you live in a metropolitan area where you have a lot of different options available to you. The main items you should focus your efforts on are:

1. An apartment management list that includes everything the service will handle or provide

2. The contract, which lays out the legal responsibilities of both parties

3. The cost per month for the apartment management services

Action Steps

The best contacts and resources to help you get it done

Spend time gathering as much apartment management information as possible There are certain duties and expectations that are standard for a property manager, and it's important that you educate yourself on the industry before seeking representation. This knowledge will also help when it comes time to look over the contract. You'll be better prepared to ask questions and make changes to the agreement if necessary.

I recommend: Align yourself with others in the industry. The National Apartment Association and the Institute of Real Estate Management are two excellent resources that will keep you up to date on the latest property-management news and regulations. You don't have to join to read their websites, but consider doing so if you plan to own several pieces of real estate for rent.

Choose an apartment management company that will handle all the details The biggest benefit of hiring an apartment management company is the fact that you don't have to worry about the little things. They handle repairs, collect rent and deposits, as well as deal with complaints and problem tenants. They may also make the property ready to lease again and market the property to find new renters. All you have to do is pay your monthly management fee and cash your rent checks.

I recommend: Hire a company that can and will do it all. You want to choose a company with comprehensive service lists like those of Houston's Dual Real Estate and Fresno's AJR Management, which handle all the details, big and small, so that you don't have to. Before signing a contract, ask for a list of tasks and services they cover and then compare it with what others have to offer.

Find a local apartment management company with the best prices in town Some apartment management companies charge you a percentage of the rent collected each month, while others have a flat rate for homes, apartments or commercial properties. Find out the specifics from each company you're considering before choosing one to work with. If the price sounds unfair to you, negotiate a better deal if you can or move on to another company.

I recommend: Get quotes from several local management providers. If you're in the Chicago area, you have a choice of many local companies, including Connected Property Management. Around Dallas-Fort Worth, try Protea Real Estate for starters. All Property Management offers a nationwide apartment management directory, so you can find local help no matter what your location.

Tips & Tactics

Helpful advice for making the most of this Guide

If you find a company through an apartment management directory, always follow up with a phone call to check up on their references and ask whether they're available for a one-on-one interview.

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