If you’ve worked with us before, you know that letting a property manager handle your rental property makes it a stress-free experience.
If you haven’t worked with us yet, you might also be contemplating hiring one to give you a hand with your investment. You wonder if the savings and benefits of having a property manager will outweigh the resulting cost.
Before entertaining the idea of hiring a property manager, you should get an idea of their chief responsibilities.
1. A property manager sets the rent price
As an expert in the property business, a property manager deals with property value. They can properly assess your property by checking and evaluating the neighborhood.
They can judge market trends correctly and base the rent price on current market conditions. They know how not to set it too high, discouraging potential tenants.
They also know how not to set it too low, which would make you lose money.
2. A property manager is in charge of advertising and marketing
Handling a property is a dynamic business because tenants come and go frequently, thus requiring regular marketing to attract new tenants.
As an expert, a property manager has the full arsenal of advertising tools in their hands. They know the target market, the perfect marketing channel to use, and the right price to attract tenants.
They know how to promote your property’s best features and obtain the right tenants.
3. A property manager prepares vacant units for rent
When a tenant moves out, the property needs to be inspected for damages, maintained and repaired.
It needs to be cleaned as well and checked over to make sure the amenities are in perfect condition. A property manager can set the ball rolling as soon as the tenant departs.
This speed will have your property marketed right away, keeping the vacancy short.
4. A property manager screens and selects quality tenants
High-quality tenants aren’t easy to find. There’s also a long list of things to do to evaluate whether a prospective tenant fits the criteria.
A property manager can conduct the selection process quickly and professionally. They know how to screen, check multiple sources for credit histories, employment verifications, references and criminal records.
They also know how to study the financial capability of an applicant and ensure that they will make rental payments promptly.
5. A property manager prepares the lease agreement
A well-prepared lease agreement is a cornerstone of building an excellent tenant-landlord relationship, which makes a properly executed lease agreement vital in the property rental business.
A property manager can structure and customize a lease agreement that will benefit both parties. It will state conditions, behavior expectations, procedures, and payment schemes.
The tenant will be able to refer to the lease agreement and abide by it easily.
6. A property manager handles tenant complaints and issues
Dealing with people is part of the rental property business. Complaints and issues will naturally arise from time to time, and some of them may be between two tenants.
A property manager can listen to the tenants and offer the best solution.
They can de-escalate heated conflicts and address the tenants’ concerns before they turn into a bigger problem.
7. A property manager collects rent and adjusts its price
There are situations when collecting rent requires constant follow-ups and investigation of problems.
As an expert, a property manager knows how to deal with this sensitive issue without losing profit or resorting to legal measures.
They also have the legal knowledge to follow all procedures. Additionally, a property manager has the right to adjust rent prices if they know that the market conditions are favorable.
This maximizes the landlord’s profit and keeps the property competitive in the business.
8. A property manager takes care of property maintenance and repair
When a property is occupied, it requires constant inspection, maintenance, and repairs.
The property must be in great condition to continue attracting new tenants and keeping long-term tenants.
A property manager oversees the little details, checks the state of amenities, ensures its cleanliness and fixes damages. They have contractors on-hand to help keep the property in tip-top shape.
9. A property manager contacts and supervises contractors
A property can’t run by itself without the expertise of plumbers, electricians, and other contractors.
As a caretaker, a property manager contacts and supervises these independent contractors.
The manager has a pool of professionals working for him. It’s the property manager’s responsibility to manage and direct contractors to ensure that they’re working properly, within the budget and on time.
10. A property manager handles evictions and moving out
Situations may arise requiring tenant evictions and drastic measures.
As an expert, the property manager can execute a delicate procedure while adhering to the legal process.
They ensure that the landlord avoids costly lawsuits and manage a tenant’s departure from the rental unit using an organized and smooth turnover approach.
11. A property manager is tasked with recordkeeping and documentation
A rental property business needs an organized and efficient system for proper recordkeeping and documentation.
Such a system keeps track of income as well as the leasing agreements between the landlord and the tenant.
A property manager has an effective method to document all the paperwork. They can easily create or retrieve reports. Documentation is also important during tax season to report figures accurately.
A property manager can take a huge burden off any landlord’s shoulders. The important thing is to choose the right property manager who can deliver and is aligned with your business objectives. These factors translate to maximum profit, long-term tenants and smooth business operation.