If you own investment property, you’ve probably been told to hire a property manager. Some people think that having a property manager costs a lot of money and eats into the owner’s profits. Others swear they’re the key to their success in owning rental property.
We agree that not all property managers are the same. But exactly what type of service and support can you expect from one?
5 Responsibilities of a Property Manager
The duties of a property manager will vary from company to company, but if you’re looking for a qualified individual to help you manage your real estate investment and help you see a greater ROI, here are at least five common tasks they should be responsible for.
1. Marketing and Screening Potential Renters
An empty rental property costs you, the owner, money. From lost income to repairs or renovations, when a property sits vacant, it isn’t doing its job.
But most rental property owners simply don’t have the time and resources to carefully market their properties and screen rental applicants. These activities can serve as the most important drivers in ensuring placement of high-quality tenants. Nevertheless, these tasks take time and careful market analysis to set the right rent rate.
Therefore, having an experienced property manager can help you navigate this process and find the best candidates in your area.
2. Obtain and Keep Tenants in Your Rental
A property manager helps minimize rental downtime by placing quality tenants with a history of timely payment and adherence to lease policies. They’ll do background checks and ensure applicants meet certain criteria.
Next, once selected, they help tenants move in—not literally moving in furniture, of course. However, property managers will perform the following tasks:
- Draw up leases
- Review conditions
- Schedule move-in dates
- Collect security deposits
In addition, property managers will handle any requests and finalize reports verifying property conditions on move-in day.
3. Collect Rent, Handle Evictions, and Manage Other Legal Matters
Most property managers will offer rent collection services and some type of documentation for tax purposes. The level of support will vary from company to company, but owners should be able to tailor this level to their needs.
Owners should look for a property manager who will track down late payments, send notices, and handle evictions, if necessary. You should able be able to trust them to file the necessary reports, follow ordinance changes, and deal with law enforcement on their behalf.
4. Oversees Repairs, Maintenance, and Periodic Inspections
Part of the joy of having a property manager is they deal with middle of the night emergency calls. They also handle overseeing less urgent repairs and basic scheduled maintenance programs.
Although it’s an activity that many owners overlook, conducting periodic house inspections can catch potential problems before they turn into major emergencies.
5. Ensure Proper Agreement Closure When Renters Move-Out
At some point, every lease will come to an end. A property manager will finalize lease agreements and, when needed, follow up with renters on costs of damages. They’ll also ensure property condition, return of any security deposit funds, and arrange for re-keying, property cleaning, and repairs.
Next, they’ll begin the process of market analysis and listing the rental property again to ensure your property doesn’t stay vacant for long.
Looking to Hire a Property Manager in Central Florida?
This list only begins to cover some of the many property manager responsibilities for rental homes. When you take each of these responsibilities separately, they add up to a much greater price tag than the average monthly fees to hire a professional.
If having someone manage the many responsibilities of a rental homeowner makes the most sense to you, the next step is finding a qualified property management company. At The Realty Medics, our team works hard to provide a first-class experience for both homeowners and their tenants. We offer a free rental analysis to help you learn how much you can make from your rental, as well as rehab solutions to get your property in prime rental shape!
To learn how we can help you save time, money, and the headache of property management, contact us by form or call us at 321-218-4753.