| More and more homeowners are finding | | | | to oversee the condition of your property. On the |
| themselves in a position of owning a home they | | | | other side, check internet forums and you will find |
| can not sell, and moving to another state to take | | | | many instances of home owners who were let |
| employment. Some questions are: Should they | | | | down by property mangers who never checked |
| personally manage the rental of their home or hire | | | | on their properties. They collected the 10% fee |
| a home property management professional? How | | | | and let their clients' homes suffer major damage |
| to deal with unexpected vacancies or major | | | | by bad tenants. |
| repairs when needed? How to deal with repairs | | | | No matter if the property is management |
| from long distance if they personally manage the | | | | personally or by a home property management |
| property? | | | | professional, there will be vacancies and major |
| Home owners who do long-distance property | | | | repairs from time to time. These expenses need |
| management run the risk of letting their homes | | | | to be covered by the home owner. So they |
| fall into disrepair if they happen to rent to bad | | | | should plan to have at least six months rent in |
| tenants. They really need to have a friend or | | | | reserve to cover these contingencies. |
| family member keep an eye on their property to | | | | If the home owner decides to manage the |
| ensure that the tenants are taking care of the | | | | property, the question is how to repair their home |
| home. | | | | when they live in another state. This can simply |
| Just as there are good and bad tenants, there | | | | be accomplished through a home warranty |
| are good and bad property managers. A reputable | | | | company. A typical arrangement is for the lease |
| home property management professional will | | | | to require the tenant to pay the deductible to get |
| charge approximately 10% of the rental amount | | | | the warranty company to respond, and then the |
| as their fee. It is important to understand that | | | | deductible amount would be deducted from their |
| reputable managers will interact with your tenants | | | | next rental payment. |