Why You Need To Hire a Property Manager

Do you own rental property? If so, when does it make sense to hire a property manager?

If you own only one or two rental homes, have the time to collect rent, the knowledge of the eviction process, and the skills to do repairs or a good relationship with repair professionals, you may not need anyone to manage your property. If you lack any of these skills, or if you just do not want the stress of handling all that, you may want to consider a property manager.Group-Property-management-landing-page-1

So, what does a property manager do?

First, a property manager collects rent. He knows when rent is due, what the grace period is, if there is a late fee, and what procedure to follow if rent is not paid by the end of the grace period. If eviction becomes necessary, he handles the paperwork and follows it through. He will deduct the management fee from rentals and release the rest to you, the property owner.

When repairs are needed, the property manager may do the repairs himself, but in most cases, he arranges for a repair professional to do the work and follows up to be sure that the repair is done and takes care of the problem, then authorizes payment. A good manager will seek out the best price for a quality repair.

The property manager is responsible for routine maintenance and emergency repairs, handling routine inspections, and taking care of any situation where a conflict may arise.

If a tenant moves out, the property manager will inspect the property, note any work to be done and dispense any portion of the deposit owed to the vacating tenant. He will take care of cleaning and repair of the property to ready it for rental.

For vacant properties, he will use his experience to secure the right kind of tenant. He is responsible for running a background and credit check, verifying employment, and checking references from previous landlords. Then, he has the tenant sign a rental agreement and collects a deposit, etc.property management

It is important for the manager to collect rent and disperse them to the property owner in a timely manner. Otherwise, your investment is not optimized.

A good property manager will know the applicable laws and regulations for rental properties and make sure that you are in compliance or advise you of changes needed. There are many state, federal, and fair housing regulations to keep up with, and it is his job to keep abreast of these.

Although it is not necessarily in his job description, a good manager will keep an eye on rentals similar to yours and rates charged for these to help you obtain a balance between profit and keeping your rentals occupied.

It is wise to have all duties and expectations outlined in a contract so that both you, the owner, and the property manager will know what his responsibilities are so you can relax and enjoy the profits of your investments.

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