The Benefits of Using a Property Manager
What is a Property Manager
A property manager is somone who is responsible for the day-to-day management of a real estate property, such as an apartment building, commercial building, or single family residence. Their job can include tasks such as collecting rent, handling maintenance and repairs, advertising and showing available units, and enforcing the terms of tenant leases.
How Do I Know I Need a Property Manager?
There are a few factors to consider when determining whether or not you need a property manager for your rental. Some things to consider include:
The number of properties you own: If you own multiple properties or a large property, it may be difficult for you to manage all of the responsibilities on your own. Having a manager can help to take on some of the workload, allowing you to focus on other aspects of your business.
The distance between you and your property: If your rental property is located far away from where you live or work, it may be more difficult for you to handle the day-to-day tasks associated with managing the property.
Your own availability: If you have a busy schedule or other commitments that make it difficult for you to handle the responsibilities of being a landlord, a p-manager can help to take on some of the workload.
Your knowledge of the local market: It is important to have a good understanding of the local market to ensure your property is marketed correctly and the rent is set correctly. A property manager is familiar with the local market and can help you to maximize your rental income and minimize vacancy.
So Now You're a Property Manager
To make sure you're an efficient and fair property manager, you'll have to attain values that other managers have or build some of your own. Some basics to follow by are:
- Collecting rent and other property fees from tenants and individual owners and placing the record of them paying in their own client files
- Paying the property's expenses, including taxes, mortgages, payroll, insurance premiums and maintenance costs
- Report the property’s financial status, occupancy and expiring leases to the property owners
- Meeting and assessing future potential tenants, showing them the property and reviewing their applications fairly in accordance with anti-discrimination laws
- Advertising vacant properties and/or hiring a leasing agent to find tenants if needed
- Inspecting properties and arranging repairs and materials as required
- Arranging contracts for maintenance, trash removal, landscaping, security and other services that may be needed for on-going use as well as managing disputes with selected service providers when/where appropriate
- Investigating AND resolving complaints and violations
Can Anyone Be a Property Manager?
NO. To provide property management services for a fee, you have to have an active real estate broker's license or be working under an active real estate broker. To make sure who you are working with is properly licensed, be sure to look them up using the state's website.
How Do I Get Started?
To get started, just give us a call! We would love to hear from you. Contact us today!