You might be wondering if having a property manager will be an asset to you. If you are on the fence or want to know, you’re in the right place. Here we break down the main duties of a real estate property manager, so you can get a clearer picture of what they do and their responsibilities. Property managers are hired when a landlord or investor wants to outsource some or all of the responsibilities of managing their rental properties.
The main duty of a property manager is to help you receive the best rates for your property. Property managers carry out appraisals and keep an eye on the rates in the market. This is important as it prevents you from charging too low or too high. If you charge too high, you face being left with an empty property, or if it is too low, then you could be missing out on cash.
Property managers know the market and are always monitoring the rates so you value your property at the right price. They can offer you advice on when to raise or lower your rental prices.
Property managers are also responsible for collecting rent. They will organize with the tenants a suitable rent collection method as well as highlight any penalties for late or missed payments. It is also their responsibility to chase rent if it has not been paid on time.
Property can find new tenants and deal with them. Property managers are expected to fill any vacant properties with suitable tenants. They will be responsible for advertising and vetting tenants. Property managers usually have a specific screening process they use to vet tenants and carry out background checks. This can be a huge hassle, so having a property manager do this gives you back a lot of time, energy, and resources.
One of the biggest hassles associated with renting out properties is finding good tenants. Bad tenants can lead to loss of money, legal issues, and mental stress. Property managers have the resources and experience to quickly figure out what tenants are suitable or not. This usually means there is less tenant turnover. A high tenant turnover can lead to financial losses or strain.
Property managers deal with the coordination of tenants moving in and out. They will inspect the property when tenants leave to ensure it has not been damaged. Before new tenants move in, they will ensure the property is in good condition and suitable for occupancy. This may mean organizing cleaning services or fixing any damages.
Property managers are well-versed in the laws around eviction. They will deal with this if the time comes and tenants need to be evicted. They have the confidence and experience to handle these situations in the best way.
Property managers stay up to date with any change in the laws and regulations related to property and rental property. This is important to keep you and your property protected from any potential issues or disputes. The property manager will inform you when relevant about any changes in the law so you too are kept up to date.
If there is a dispute that has gone to the tribunal, a property manager can represent you. They will be able to defend you and provide evidence of any late or missed payments, images of property damage, or any other evidence that they will have kept. The managers at mesa property management recommend that you hire a property manager, especially if you own more than one property. . As they are professionals at managing properties they are organized and know-how and what should be kept and filed away. They will typically have both digital and hard copies of all relevant documentation. This will make it easy should a dispute arise, they can easily present your side of the situation.
Property managers are responsible for dealing with maintenance issues or repairs. This can take up a lot of time and energy if you have to deal with this yourself. Instead, a property manager will often carry out routine maintenance checks where necessary. When an issue occurs, they will have professionals on hand that can be called on to fix the issue swiftly. Property managers tend to have a reliable network of individuals who will work at great rates.
Good property maintenance is important to increase the rental yield of your property. It also reduces a high tenant turnover, as tenants will feel safe and comfortable to express their concerns with the security of knowing it will be dealt with shortly. If there are any problems or complaints, the property manager is responsible for dealing with them as swiftly as possible.
When the property is vacant, they are responsible for ensuring the property is in good condition and for dealing with any maintenance or repairs that need to be carried out.
Property managers will usually deal with many bills that are related to the property. This can take a weight off your shoulders as you don’t have to stress or worry about paying bills or making sure they are paid on time. Your property manager will be able to deal with most of the finances related to the property.
They will usually deal with the budget for the property and keep detailed records of how it is spent.
Your property manager is experienced in dealing with the overwhelm of paperwork and documentation related to properties. They will be able to organize any and all relevant files. They are also able to deal with the administrative side of rental properties. This frees up a lot of time and energy for you, and means that everything will be tended to and looked after in a timely manner.
Property managers have a ton of duties and responsibilities when it comes to managing rental properties. They can do everything from finding new tenants, dealing with maintenance issues, and handing over keys. They will keep you updated which means you are in the loop without having to do a lot of the hard work. Their experience and skills make it a lot easier to have rental properties.
Photo via Unsplash