So, you have just bought your first investment property and you’re thinking of renting it out. Maybe you’re wondering if you should get a property manager to help you with everything? Or maybe you don’t know what a property manager even does?
A property manager is a third party individual who you can hire to handle the day to day issues that arise when you own a rental property. They can deal with all kinds of properties from the very small to the huge, and they can even deal with more than one at a time. So if you ever fancied owning a whole apartment complex they could deal with that too! Of course the amount of work you expect them to take on will have an effect upon the salary they’ll expect. Here is a list of the responsibilities which a property manager can take on for you;
A good property manager will know the market in your area and will be able to compare your property to others around it in order to decide upon a competitive (yet profitable) rate. They can also advise you regarding when and how to adjust the rent in order to keep attracting the right kinds of tenants.
If things get rough they can also act as an enforcer by collecting the rent and making sure that late fees are paid along with the rent owed.
Repair and maintenance
Your property manager will keep your properties, both filled and vacant, secure, up-to-date and in good repair. This means preventative maintenance, suggesting cosmetic improvements, and ensuring repairs are dealt with quickly and efficiently.
Experienced property managers will generally have a list of contacts such as plumbers, electricians, contractors and gardeners who they know and trust to do good work for them. This means that if anything goes wrong you can be sure your property is in safe hands. Dealing with emergencies of all kinds is the jurisdiction of a good property manager.
Your property manager will definitely take on the role of tenant manger; it’s kind of their specialty. They’ll be involved in finding tenants, settling them in, setting the lease length, and dealing with complaints both from and about your tenants.
They can help you to fill your properties by advertising in the right places to the right people, and when you have some interested parties they can screen potential tenants to make sure you’re getting a responsible, reliable person. Experienced property managers will have dealt with hundreds, or possibly thousands, of tenants and so will have a good idea of danger signs.
They will also check the property when tenants move out to ensure that they’ve done no damage to it while staying. They can decide if any of the security deposit should be withheld from the tenants. If needs be your property manager can also see to it that troublesome tenants are evicted.
As a plus, when you start to expand, property managers can also act as supervisors if you take on other staff. If you need a maid or security guard, for example, your property manager can interview, hire, set the salary of, and even fire other staff if you give them the authority. Furthermore they can ensure they do their job well.
In short; if you’re wondering whether you should hire a property manager we can tell you this.
You don’t need to get a property manager; you can do everything that they might need to do, but they have the experience and skill set to do it better than you might be able to! If the question is should you get a property manager we would say that, unless you have experience yourself, it would be worth your while to do so.
After all you don’t want to be worried with the day to day stuff of being a land lord when you could be expanding your proverbial empire or even just spending some time with your friends and family while your property manager deals with the small stuff.