Hunter Estess, president of Estess Contractors, and other renowned real estate investors and developers, know that excellent property management is needed to successfully operate multiple residential and commercial buildings. Property management is sometimes handled by an owner or landlord alone, and sometimes by a larger company altogether.
Property management companies can be helpful for the right developer and investor, depending on individual situation and circumstance. A property management company takes care of tenant and leasing issues, rent collection, marketing property, attending to maintenance and repair, and addressing tenant problems and evictions. This type of company can be beneficial for a property owner who has too many properties and units for one person to manage, who isn’t keen on hands-on management, and who lives too far a distance from the properties in question. Hiring a property management company may also assist owners who have limited time for their properties, and who can afford the price that this type of company costs.
Real estate investors and developers, like Hunter Estess, recommend caution when deciding to hire a property management company. Property owners should do their research, contact local apartment associations for referrals, and get company recommendations from colleagues in the field. Resources like the Institute of Real Estate Management and the National Association of Property Directors have online directories of certified management companies. Above all, the property owner should thoroughly interview the property management owner and get all questions answered before signing any contracts or giving the company access to any properties.