If you’re starting to wonder whether you should hire one, it’s a good thing that you’ve landed here, bienvenou! When thinking of hiring a Property Manager, it’s important that you understand his or her role. You’ll know exactly what pain areas they’ll be easing for you, and of course, you’ll know why you’re paying them.
First things first…
The Property Manager’s Role
He or she acts as a stress-reliever for the landlord or real estate investments by firstly interacting directly with tenants and prospective applicants. They are responsible for the following:
- Rent– setting rent according to the current market, collecting rent and adjusting rent.
- Tenants– finding tenants, screening tenants, handling tenant leases, complaints, evictions and move outs.
- Property maintenance and repairs– they maintain and repair property to keep tenants happy and property functioning correctly.
- Knowledge of Landlord-Tenant law– knows the proper way to screen tenants, handle security deposits, comply with property safety standards and more.
- Budget/Maintaining Records– setting budget for building, record income, expenses, cost of repairs, inspections and more.
- Taxes– they can assist property owner with how to file taxes for the investment property or the property manager can it for them.
They can manage all types of properties which range from and are not limited to: single-family homes, second homes/vacation homes, large apartment complexes, mixed-use property, offices, retail property, industrial property, land and more.
A great and helpful property manager should be responsive and integrous. Learn more about what characterizes an effective Property Manager .
To decide whether you should hire a Property Manager or not, here is a detailed list of quick questions that might help you decide:
- How many properties do you own? Most landlords starting out can handle 1 to maybe 3 units on their own; but once they start hitting 5 and above, things can start getting pretty hectic to manage. Really consider turning to a knowledgeable professional that can help you deal with the load that can only get heavier.
- How far are your properties from where you’re located? We all know that time and gas (especially in California) is costly. If you live over 50 miles away, consider talking to a Property Manager who operates in a closer proximity to your rental property. If you do choose to be a long-distance landlord, you should create a list of favorite vendors that you can call upon in an emergency.
- Are you detailed-oriented? If you struggle with keeping things organized and you feel like you’re all over the place with your properties (we mean this metaphorically and physically actually), then maybe it’s a good idea to consider a Property Manager.
- Can you afford a property manager? Typically, a property manager takes 1 month’s rent as their flat rate. Other’s take a monthly cut of the rental income. If you have enough rental surplus for a manager, a property manager may be very well worth his/her weight in gold.
- Do you feel your property is vacant too often? If it’s been too quiet, perhaps you need help with marketing. A Property Manager will most likely have various marketing techniques to get your property filled in, but keep in mind that there is no guarantee.
Hopefully these questions have helped you decide on whether you should hire a property manager. Good luck on your search.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.