Property management

Unless you’re a full-time resident living in a stand-alone home, you’re almost certain to have to hire some sort of property management services at some point. The most common need for property management comes from people who own a vacation home or condominium who wish to rent it out (long-term or short-term) while they’re away. Gated communities and condominiums often contract property management companies for other things as well, including security, pool maintenance, grounds keeping, cleaning services, and other basic maintenance.

When checking out various condominiums or homes in a gated community, ask if a property management company has been chosen and look into what services they offer. Often basic services are included in your condo fees (see below), while the companies charge extra for extra services. Brokering property rentals, for example, is a service usually offered for a percentage of the rental fees, typically between 10% and 20%. Be sure to find out ahead of time the exact cut the broker takes from the rentals if you’re planning to pay for your new vacation property with rental income.

As for the other services offered by property management companies, the point is to make life easier for you. Property management companies deal with employees, salaries, insurance, and social security, and they leave you less to worry about as far as the trustworthiness of the people providing the services.