Property Management in Ann Arbor, Chelsea, Dexter, Ypsilanti & Saline
Our next response usually is, “What type of property are we discussing?” Is it a house, apartment house, office building,
industrial building complex, retail strip center, condominium? There are of course any number of possibilities and combinations. Property management companies tend to concentrate or specialize in either residential (apartments or condominiums), retail, industrial, or office management. We currently offer commercial property management services, which includes retail, industrial and office space. If you are interested in management for your residential property, we will
refer you to a qualified residential property management company.
Property Management Fees & Responsibilities
In return for a management fee based on the amount of time, expense, and other resources required of the manager to
oversee operations, the manager will provide the owner full or partial management services, as mutually agreed on by the parties and spelled out in comprehensive detail in the all- important Management Agreement. The amount of the fee, which is usually paid monthly in arrears, is typically a negotiated percentage of the monthly revenue generated by the property, and can range from around 4% to 6, 7, 8%, or more.
Each project is different, and is considered on its own merits and requirements, as largely determined by information gained from the owner after the following additional qualifying questions are discussed:
1) Where is the
property located (how far from the management office)
Travel time and frequency of property visits need to be considered by the manager.
2) How many tenants or rental units are there in the property?
The number of units is an indicator of the complexity of the management project. Will the management company be asked to find tenants for the property (usually for a separate, additional fee)?