How do I find a good property manager?
You can find the best property manager in your area by starting with an online search. Compare profiles and ratings, and read customer reviews — these tend to give a snapshot of the manager’s quality of work and customer service. Additionally, customers may post photos of their properties that give an idea of the pro’s attention to detail.
Licensing is required in some states, so check to see your state’s policies on licenses and certification.
Finally, compare quotes and prices from at least three property managers.
Is it worth having a property manager?
While property managers do cost money, they can provide a lot of value to the client. They have marketing know-how and can advertise and perform showings of your property to the rental market. They can collect rent for you and screen potential tenants. They’ll also deal with tenant complaints and repairs, evictions and late rent. Finally, they can manage bill payments to simplify your paperwork and maximize your mental bandwidth.
Chat with top-rated property managers near you to find out if hiring one is worth the cost.
What is a home inspection?
A home inspection is a visual inspection performed by a trained professional to determine the condition of a home’s main elements. The inspection usually takes several hours, during which the professional takes multiple photos and notes, tracking information for a final report. After the inspection, the pro will create a printed report, complete with photos and detailed information, summarizing the condition of the house. A home inspection is often used by potential home buyers prior to purchase to determine if there are larger issues (such as dry rot or a faulty foundation) that are not immediately visible to the untrained eye but that would cost a lot of money to resolve. Home inspections are also used by real estate agents and home sellers to address any concerns before putting a home on the market. Longtime homeowners can also schedule a home inspection to get a snapshot of their current home condition and identify any issues that need to be addressed. A home inspection is not a legal document that can be used for divorce or estate settlements, nor can it be used to secure loans or mortgages.
How much does it cost to get a house appraised and inspected?
Home appraisals and home inspections both assess your home and provide a report summarizing the condition or value of your home based on key measurements. Unlike a home inspection for the sale of a property, a home appraisal is used for loan applications, property value assessment for sales or settlements (divorce, estate, etc.), and taxes and insurance. If you’re having your home appraised for lending purposes, you’ll likely need a state-certified appraiser, so be sure to your research their credentials. Nationally, the average cost for a home appraisal is $340.
If you’re buying or selling a home, having a professional home inspection can be an invaluable tool for price-setting and negotiation, as well as learning what repairs are necessary. The national average home inspection cost is $310, ranging higher or lower depending on the inspection company, your location and the size of your home. Other factors that can affect cost are additional inspection services and pathogen testing. Here are some examples of average home inspection costs in various parts of the country:
- Home inspection in New York City: $425 or more.
- Condo inspection in New York City: $200 or more.
- Home inspection in Central Texas: $250 for homes up to 2,000 square feet.
- $275 for homes from 3,001-4,000 square feet.
- $300 for homes from 4,001-5,000 square feet.
- $325 for homes 5,001 square feet and up, plus 10 cents per additional square foot.
- Home inspection in Los Angeles: $199-$299 or more.
What should be included in a home inspection?
A complete home inspection involves a visual investigation of all major elements that make up your home. A home inspection is a vital part of buying or selling a home to ensure you’re not accidentally buying a termite-infested home or one with major structural defects. Paying for an inspection before purchasing a home can save you a lot of money in the long run. The national average home inspection cost is $310, with prices ranging higher or lower based on your location and the square footage of your home. After performing a walk-through inspection, the pro should provide you a printed report — complete with photos and recommendations — detailing what’s in good condition, what would benefit from minor repairs, and what needs immediate attention. Home inspection pros know how to spot trouble areas, but they’re not licensed contractors, electricians or plumbers, so they may suggest you hire a licensed pro to address specific problems. Here are the main components that a home inspection covers:
- Home structure
- Foundation, grading and drainage, roof covering, roof structure, interior and exterior attic walls, ceilings and floors, interior and exterior doors, windows, stairways, fireplace and chimney, porches, balconies, decks, attached carports, and crawl space.
- Electrical
- HVAC system, heating equipment, cooling equipment, ductwork and vents, fixtures and switches, branch circuits, receptacles, service entrance and panels.
- Plumbing
- Water heater and equipment, drains, waste systems, vents, and plumbing fixtures.
- Appliances
- Garage door openers, garbage disposal, dishwasher, exhaust range, range hood, bathroom exhaust fans, cooktop, oven and microwave.
How long does it take to do a home inspection?
On average, you can expect a standard home inspection to take two to three hours. Your house size can affect inspection length, as can requesting additional services such as sprinkler system inspections, outbuilding inspections, radon testing, crawl space inspections, or pool house inspections. During the home inspection, the professional will be taking photos and looking in and around all parts of your home. The inspector will then compile a report that may be more than 20 pages. You should receive this report back within a few days to a week. The report should detail everything from minor imperfections and maintenance recommendations to major defects that need to be resolved as soon as possible, like structural failures or a leak in the basement. Your report should include photos and clearly outlined information about all major elements inspected, as well as recommendations for next steps.
Why is property management important?
A property management company can be a landlord’s greatest asset. As a neutral third party, the property manager handles the day-to-day operations of a real estate investment, from a single vacation home to a large apartment building or several rental properties. A property management company can be especially helpful to landlords who own several units and can’t manage each of them individually, or those who live too far from their investment properties to meet with renters and oversee maintenance. Property management is particularly important if your rentals are part of an affordable housing program. To receive financial assistance from the government, the landlord must comply with a complicated set of rules; property management companies should have both experience and expertise in complying with the rules specific to each housing program.
Do property managers need to be licensed?
The licensing requirements for property managers vary from state to state, but many states require property managers to have a real estate broker’s license and in some cases be a legal resident of a state.
Property management may not be specified in a state real estate statute, but according to the Institute of Real Estate Management their activities may include advertising the availability of a rental property, discussing a property management agreement with an owner, negotiating leases, showing a rental property and collecting rents.
What does a property management company do?
Property management companies manage the rental of residential homes, apartments, condos, commercial spaces and retail spaces. Property managers can oversee just a single unit or many properties, whether those sites are inhabited full-time or are vacation rentals. A property management company helps a property owner or landlord find tenants; collects rent; takes care of accounting, property maintenance and repairs; handles on-site management; and manages vacation rental check-in and checkout tasks. Although many property owners or landlords successfully manage their own rental real estate, a property management company can help you handle tenant issues and maintenance problems, especially if you are not located in the same city or state. Most property management companies deal with tenants directly, and their tasks include:
- Marketing the rental property
- Collecting rent
- Handling repair problems
- Responding to tenant complaints
- Evicting tenants
A property management company may be a good choice for property owners who have several investment properties, live far away from the rental property, or don’t have time for hands-on management.