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FAQs |
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1, Q. |
Property management qualification. |
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A. |
Many real estate developers, investors, and owners of various commercial and residential properties do not have the required time or knowledge that is needed to manage these properties. In many situations, these people hire property management firms or property managers to take on these responsibilities. Because property management involves many aspects of maintenance, the background of property managers is quite varied- everything from financial duties to maintenance and operations. In most cases, property managers work their way up from lower positions within apartment buildings, office complexes, community associations, or property management firms. A large majority end up going into business for themselves, while the remainder feels more comfortable working underneath a larger firm or company.
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2, Q. |
Will I need a property management contract or agreement? |
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A. |
Regardless of the type of property, a written agreement between the owner of the property and the manager is very important, as the manager will be taking on significant responsibilities with the owner's real estate. |
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3, Q. |
How do property managers charge for their services? |
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A. |
Fees are typically paid in one of two ways - more typically percentage fee, and sometimes a flat fee. Percentage fees can be a good incentive to the manager to improve the income of the building. A flat fee may be more appropriate when the property is a condominium or a type of cooperative complex.
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4, Q. |
Do states require that property managers be licensed? |
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A. |
Most state require that a property manager have either a property management license or a real estate license. |
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5, Q. |
Can a property manager help me comply with federal, state and local laws? |
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A. |
Yes. Property managers must understand and comply with provisions of legislation, such as the Americans with Disabilities Act and the Federal Fair Housing Amendment Act, as well as local fair housing laws. They must ensure that their renting and advertising practices are not discriminatory and that the property itself complies with all of the local, State, and Federal regulations and building codes. Property managers also have the resources and knowledge to help evict problem tenants.
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