Q: How can I evaluate the "real" cost of
property management? A: Property management cost is important, but it is a blind cost indicator without also taking into consideration how effective it is in reducing your vacancy rate and optimizing tenant performance. Evaluate carefully the kind of services and resources used to support successful tenancies, because it will lower the &ldquoreal&rdquo cost of being a
landlord.
Q: How much do property management services cost?
A: Our management fee is ten percent (10%) of the gross rental income per month. Other services are also available.
Q: How long will it take to rent my house?
A: There are multiple factors that have to be taken into consideration to answer this question. Here are some general guidelines to consider, however keep in mind that
amenities and location are important factors in predicting success.
Generally, it is more challenging to rent a
townhouse or condo than a house. Condos have similar amenities and living environments as apartment complexes. When there is an oversupply of apartments, as there is beginning to develop now, apartments offer move-in incentives that are difficult to compete with. Homes are more immune to this competition.
Q: If I place my home in property management, how much control do I have in making management decisions.
A: You will have as much or as little as you want. Take for example maintenance decisions. Cornerstone sets up a reserve fund (usually 10% of the annual rental) to be used in case of minor repairs. They don&rsquot want to be notified every time a faucet leaks. However, if there is a more expensive repair, they do want to be contacted and involved in evaluating the bids and choosing the
vendor.
We will work out an understanding with you about the degree to which you want to be involved in tenant selection, maintenance and repair issues, setting rental rates, etc.
