Most people who own any type of rental property, from commercial spaces to rental homes, find that hiring a property manager becomes necessary. Hiring the right manager for your property can be a make or break decision.
What a Property Manager Does
A property manager usually handles the day to day running of a rental property. They collect and record rents as well as pursue delinquencies. They advertise vacancies and assure that all maintenance is in order before vacancies are rented. They provide both the tenant and the owner with a prompt and thorough move-in and move-out process and inspection. An effective property manager will be able to screen prospective tenants and place them upon signing a proper lease and documentation. While property managers do not generally handle maintenance concerns personally, they do oversee these types of issues to ensure that they are taken care of, and oftentimes it is the property manager who hires outside contractors for maintenance when that is necessary.
How to Hire a Property Manager
Many property owners, especially those on a tight budget, may try to find a cheaper alternative than hiring a professional property manager. One commonly tried idea is the DIY method of property management. Many owners have tried this only to find themselves with angry tenants, empty units and leases that don’t even hold up in court.
Another bad idea that is often tried is hiring a tenant either in an apartment complex or commercial building to be the property manager. This almost always fails because as a tenant they have a conflict of interest with being the property manager. More unscrupulous types of people may even abuse privileges and power when put into this position.
You will want to hire a professional property manager that comes with a strong resume of proven, effective management and years of experience within the industry. Of course a thorough background check will be necessary and in many cases, the property manager may need to be bonded.
It is important to note that depending on the size and type of property you own, you may need to hire a maintenance manager as well. Again, you will need to be very thorough in investigating the background and skills of anyone you consider for this position.
Advantages of a Property Management Company
A property management company provides you with great property management with no fuss. You will be able to choose exactly how much involvement you need from this kind of company. You may only feel like you need help with tenant placement or you may be in need of more comprehensive services. For those who need more comprehensive services,a property management company can alleviate the need to deal with doing background checks yourself, or personally take care of hiring individuals and trying to manage their performance. Property management companies can often even provide you with maintenance services or connections to contractors when needed.
To streamline how your rental properties run, hire a professional property management company and get the most out of your investment.