What Does a Property Manager Do?
Ensures monthly rent payments are handled efficiently and on-time
As a property investor, steady collection of rent each month is crucial for maintaining a predictable cash-flow. When you hire a property manager, you have a degree of separation between you and your tenant. The property manager handles the difficult parts of this process, up to and including evicting the person living in your property if needed.
Coordinates mortgage and utility payments
Timely handling of mortgage and utility payments keep tenants satisfied and helps to protect your investment. Property managers maintain relationships with utility companies, vendors, and contractors to a much greater degree than is usually possible for homeowners. Don’t let this become a pitfall on your journey to a good return on your investment.
Provides Accounting Services & Assistance
You’ve heard the saying “time is money.” For many property investors, time is a much rarer commodity than money. Offloading the complicated bookkeeping processes of property leasing and renting to a property manager can make help ensure your success. A property manager who is the right fit for you will not only communicate issues or updates with you promptly; they’ll make it easier for you to find the information you need to handle your affairs.
Manages Leasing & Rental Rates
If you’ve navigated leasing or renting a property before, you’ve likely researched pricing online to see what other landlords might charge for similar properties. Property managers take this process much further by conducting throughout market studies to determine the best possible price to ask. If you price your property too high, you could miss qualified tenants, while pricing a property too low will likely yield tenants that are not able to handle fluctuating market prices.
Ensures Security Deposits Are Collected
A good property manager knows the importance of managing security deposits to set the proper expectations with a tenant for their conduct throughout their tenancy. This dovetails with experienced property managers’ ability to find qualified tenants. Property managers also handle the running of criminal background and credit checks, as well as verifying employment status and the veracity of references.
Coordinates Property Inspections
Experienced property managers ensure that property inspections are thorough, efficient, and transparent for all parties. This service runs the gamut from coordinating with tenants to providing clients with photos from recent inspections. Don’t let the status of your property be a mystery to you or stress over confrontations with tenants; work with a property manager who handles these interactions all day long.
Provides Repair & Maintenance Services For Tenants
Many property owners attempt to handle repair and maintenance directly for tenants. Working with a property manager relieves you from having to take the reins on this time-consuming, stressful, and occasionally dangerous work. It’s important to keep in mind that immediate attention to some maintenance requests is required by law, so it’s vital that you have the infrastructure in place to address such needs.