Is hiring a property manager a good idea?

You should consider hiring a property management company if: You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you’re likely to benefit from a management company. You don’t live near your rental property.

Who is responsible for renting out a condo?

When a condo is rented, the owner typically becomes the landlord unless they hire a property management company. There are many factors that weigh into the decision of whether or not to rent. Some popular reasons for renting out a condo are: You’re not living in it, but you aren’t ready to sell.

Are there restrictions on the number of condos you can rent?

Lease restrictions may place a minimum lease period to avoid vacation rentals and a high turnover rate. Rental caps may limit the total percentage of condos that can be rented at any given time. Many HOAs approve rentals on a first-come, first-served basis, so there’s a chance you’ll end up on a waiting list.

How much does a property manager charge for rent?

Ultimately this decision is up to you, but a property manager typically charges around 10% of the monthly rent plus a portion of the first month’s rent when a new tenant moves in. Whichever way you decide to go, know that the landlord or property manager is responsible for: What is an HOA community?

How does Myrtle Beach condo management company work?

Constant analysis of pricing in the local market and consumer behaviors help our team develop pricing strategies throughout the year, producing more bookings for your property and unmatched annual rental income. Condo-World properties are held to the highest standards, and that includes your income generation.

Do you need a management company for a condo?

Choosing how to manage a condo is a big decision, whether using a management company or taking the self-managed route. It’s an investment that shouldn’t be taken lightly. Do your due diligence on the property management company you want to hire. Make sure they have enough staff to manage your units effectively and efficiently.

Why do I have to pay a rental management company?

While time is the main reason why investors decide to pay a rental management fee, according to Ortner, you should make sure to ask the property management company what fees to expect and how they’re billed before you hire a property manager. Rental property management fees can vary quite heavily from one property management company to the next.

Can a property management contract be terminated without cause?

If you attempt to end a property management agreement without proper cause, the manager could ignore your request or take you to court for breach of contract. Terminating a property management contract requires advance notice. The termination clause of your management contract should specify how much notice must be given.