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What's your opinion on management companies.. I'm in the process of finding a single family home in chandler area (I live in PA), and would like a management company manage this property. What should I watch out for, ex., flat fees vs % of rent, up front payments, do they cover prep'ing up the house for initial renter, do they hire competitive contractors.. The house I'm interested in is a foreclosed property, so after closing, it may need to work.. will the management company cover at this early stage?.. etc.. Comments, opinions are appreciated. Thx.
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Different property management companies have different scopes of services. Our company does everything from minor cosmetic touch ups, to major rehabilitation of outdated or destroyed homes. You have to check with each one. Cheaper is not always better, but get several property management agreements with charges that are billed to you. Where one company may charge a higher rate per month for actual management, another may charge less, but more for each new tenant commonly called a "lease up" fee. Although our charges are outlined in our contract, we also outline them clearly on a separate page so a prospective owner doesn't have to wade though a lot of writing to pick them out. Experience counts but we all know of an older firm that has a poor reputation and other firms with good reputations. I would stick with a company that belongs to NARPM, National Association of Residential Property Managers. While reading several agreements develop a list of questions and phone several companies. Ask to speak to someone and ask each company the same questions, finishing with them furnishing a few references and call the references. This is at least a one year relationship you are going to have, so make sure you can do business comfortably with the company. Last, go to the website of the Arizona Department of Real Estate and find the company to make sure their are no open complaints against it. Find a company who you think treats both owners/investors AND tenants with equal respect and dignity. Both are valuable to your property. ValleyWide Property Services, offices in Chandler and Scottsdale.
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