Page 4 - Van Wig & Associates Newsletter, Lakewood Edge ~ January 2020 Issue

Q & A with the real estate expert
ASK ALLISON VAN WIG

SHOULD I HIRE A PROPERTY MANAGER

TO OVERSEE MY RENTAL HOME?

Q Dear Allison, I in mind, though, that not all the logical choice might be abreast of laws concerning “passive income,” but they

recently
a property managers are alike, a locally owned that hires a landlord-tenant issues (in rely on someone else’s active
got
sweet job offer that nor does any single firm meet team of local residents who case you want to avoid outgo to make it happen. If
would require me to the needs of every kind of know their community and, lawsuits). you think you can handle the
relocate. My wife and I don’t client. Some offer a full range therefore, how best to serve The fee for property necessary tasks on your own,
mind moving, but we are of services; others will merely their clients. management usually ranges then by all means, have at it.
reluctant to sell our home run an ad and collect the rent. They will help you set a from 10 percent to 15 Chances are, you’ll end up
(we were kind of hoping to When you rent your home fair price for rent, market percent of gross rent. While wishing you hadn’t. n
leave it to our children). One to someone, your tenants your property and vet the that’s not unreasonable
of my co-workers suggested will expect you to do stuff prospective tenants. They on its face, don’t be shy
we hire a property manager when they want it done. often keep someone on hand about scrutinizing the
to rent it out; not only could That could mean fixing a who can drop by your house contract. Some firms
we keep the house while broken glass cooktop or when necessary, perhaps will nickel-and-dime you
someone else takes care of it, snaking a basement drain to inspect it for damage or with additional charges,
but we can also make money that doesn’t. If you move too neglect, or to make sure the such as for background
without breaking a sweat. far away to come running on smoke and carbon monoxide checks, credit card fees and
That sounds good, but we short notice, then you’ll need detectors and water heater professional photography for
just don’t know what such someone who can. are in working order. Most advertisements. The typical
an arrangement would entail. Many residential property managers keep 12-month contract renews
- Garrett W. management companies between $500 and $1,000 automatically, although
operate on a national or in a maintenance reserve you might be permitted to
A Dear Garrett, I even international scale, fund to handle emergency renegotiate the terms. (CA DRE #00985700) is the
Allison Van Wig
You can make a lot
strongly recommend but these are better suited repairs. They also will track
you hire a property to investors with several your monthly earnings of money from rental Owner of Van Wig & Associates
manager to look after what properties or multi-family and expenditures, provide properties—if you deal in you can call or email her at:
is probably your most dwellings than for individual you with appropriate tax volume. The average investor 562-882-1581 or
significant investment. Keep homeowners. In your case, documents and keep you earns six figures a year in Allison@superbroker.com

Go to: www.LakewoodPrices.com

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