What is a property manager anyway?

What is a property manager anyway?

managementWe call ourselves property managers, and we are.  We know what we do, but do you?  And even more important, why do you need one?

Property management

There are many things a property manager may do.   What they do is dependent on their agreement with the property owner. However, here are three things that a good property manager will do for you.

First, rent

He or she should set, collect, and adjust the rent of the property.  They need to know what the specific property should rent for.  This is based on it’s location, condition, age, and what the market will bear.  The proper cost for rents is not just what you want to receive every month.  In addition, what you need to clear each month is not the right basis, either.  The right person will know what to charge.  In addition, he or she will be in charge of collecting the rent, and handling any and all problems with the tenants with regard to rent payment.  If and when market conditions change, the manager must know when and how much to adjust rents to keep your property competitive in the market.

Second, tenants

Your property manager will make sure that your investment property is rented.  The right one will know where to place ads, and know how to screen applicants and make the best choice for you.  He will need to know how to initiate eviction proceedings. They must know how to determine the best length for the lease. The right manager will  know how to protect Your rights and your interests within the lease.

Third, complaints and evictions

The property manager will handle any complaints from the tenants. Therefore, in the event of an eviction, your manager must know who to call and how to proceed.  As the property owner, you  should not need to be involved in the day-to-day operations of their income property.

In conclusion, the right property manager can keep the tenants happy, the building maintained, and you making money.