Property Managers - What are they, and what do they do?
Updated: Sep 8
You could think about Property Managers as professional problem solvers. They are there at all hours to help you and to help your tenant. An experienced PM will save you money and help you navigate most (expected and unexpected) obstacles that show up when renting a property.
On the other hand, an inexperienced Property Manager will make you waste money that should have stayed in your pockets. For that reason alone, it is of utmost importance to choose an experienced manager that satisfies your needs, not only your wallet.
If you ever wondered why you should pay for their services, here is a good list of their responsibilities. But, if you want to know How to hire the right Property Manager for you, read the linked article.
They’ll make sure your property is present in all real estate publications where customers might be looking. But remember that just being present isn’t everything. Professional photography, signs, property descriptions, and legal details are some of the pieces of their job.
Do you have a house that is not ready to rent? An experienced PM will be able to advise you on what to fix and what not to. They also have a network of contractors that can do the job faster and cheaper.
There is no need to miss the family dinner or Sunday game to show a property. Experienced managers also use property showings to gauge the reliability and character of potential tenants.
Tenant Qualifying is a critical step in the rental process. A good PM will qualify prospective tenants by credit checks, employment verification, and eviction background checks.
No matter how new or in good condition a house is, regular maintenance is the key to keeping a property generating passive income for years to come. An experienced Property Manager is the best way to assure all the maintenance gets done promptly and on schedule.
Monthly statements and year-end tax summations are services you should expect from any company you hire.
Do you have the knowledge and experience needed to put a rental price on your property? Property Managers do! It might seem trivial, but the wrong sticker price could mean thousands of dollars of unearned rent a year, through vacancy, or too low a rate.
An established property management company has rental agreements vetted by experienced property lawyers and tested by many customers.
Complaints and Issues
Do you want to deal with leaky toilets or a broken washer? Peace of mind is what you are getting by hiring a Property Manager.
Regular inspections that are compliant with local laws will keep your investment safe for years to come. A good Property Manager knows when to schedule them and when they are needed.
Avoiding late payments is in everybody’s best interest. However, a true and tested system should be in place to prevent the all too often heard “the check is in the mail.”
Contractors (hiring and supervision)
Property Managers have an entire network of licensed professionals with backups in case they are needed. If a vendor doesn’t offer a fair price or fails to complete a job, it would mean losing a pool of hundreds of houses controlled by the property manager.
Even though a PM will help you avoid this headache most of the time, sometimes things don’t go as expected. A good property manager should have the tools and expertise to deal with this type of situation.
Move-ins and Move-outs
Move-ins and move-outs are stressful for everyone involved. However, a good beginning will set the stage for a fruitful relation. Likewise, a good ending could become a reference that will attract more tenants.
You might be tempted to deal with all these tasks yourself. But, if you are not inclined to deal with people, keep excellent records, or be available at the most inopportune moments, you are better off leaving these tasks to the professionals. You can also read How to Hire a Property Manager.
If you believe I forgot something, please comment below. Also, if any of the information was helpful to you, please like, subscribe, and share.