What To Know If You Need a Property Manager
Property Managers Step In When You’re Out
Homeowners who double as landlords can find themselves wearing more hats than they prefer.
A landlord rents or leases real estate to a tenant, and owning the property comes with its responsibilities.
When something is in need of repair, a landlord is usually responsible for making sure it is fixed in a timely manner.
If a landlord does not live locally or may not be able to act on a tenant’s request, they can hire a property manager.
What does a property manager do
Property managers work for the landlords. They’re able to handle the day-to-day tasks of running a building or unit.
“Let your property management partner do the heavy lifting for you,” explains Marco Walker, real estate broker at HomeRiver Group.
Walker recently sat on a panel at the Inman Connect conference in New York City. He explained how it’s important to surround yourself with the right team, and that includes management.
The role of a property manager can vary, but the person in charge needs to align with your vision for your property.
Some property manager responsibilities include the following:
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Emergency repairs: Property managers are on hand to take care of any emergencies from tenants such as a leaky faucet or clogged toilet.
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Rent pricing: Property managers can help determine what rent to charge by comparing the unit or home to other equivalent rentals in the area.
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Marketing: Property managers can help to advertise and generate leads on your rental.
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Interview process: A property manager can help vet potential tenants, as well as run credit checks, background checks, and employment and income verification.
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Expense reports: The property manager can help track incoming and outgoing expenses so that you understand how much money you have.
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Finding the right property manager
A property manager is someone who matches your needs and expectations of how involved you want to be with your property.
“It’s all about your team, partnership, and leveraging your network,” says Walker. “Your network is key in any real estate venture that we’re diving into.”
You can narrow your search for a property manager in your area by going through the National Association of Residential Property Managers.
Members must complete a code of ethics training and follow the professional standards.
It’s recommended to contact and compare several property management companies before deciding which firm to use.
A property manager will be your employee. It’s important to interview candidates and ask the right questions to see how they will handle various situations.
For example, how will they respond to emergencies from tenants, how many house visits do they perform every year, how much do they charge and exactly what services do they provide.
Source: Realtor.com
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