You may own commercial real estate or a residence or two that you want to rent or lease. While real estate ownership can be a great way to generate passive income, the day-to-day management of your property can be an overwhelming exercise if you don’t have the right assistance. Imagine attending to a call from a tenant – usually at the most inconvenient time, regarding a leak in the roof, a broken gutter or a faulty garage gate or another tenant who constantly misses monthly rent payments, these are the pains a good property manager will relieve you of.
The benefit of hiring a rental property management company to handle the operations and management of your real estate can be a lifesaver particularly if you have multiple properties. While some managers will perform more duties than others, you should know what to expect from a property manager before you hire the services of one.
Setting the rent or lease price is the responsibility of the property manager who will consult with you before it is communicated to prospective tenants. Because they have a greater understanding of current market prices and shifts, they are in a better position to determine a price that is attractive to tenants and profitable for you. A good property manager will base this decision on the facilities of the property, location, proximity to important amenities and other market data.
Advertising vacant rental spaces and then screening suitable tenants before approving their tenancy are duties of a property manager. They would know how to get about advertising the space and where to advertise. They will also have a database of prospective tenants to tap into which can make the task of filling a vacancy quicker. The property manager will ask for referrals and will interview prospective tenants to choose one that will pay rent on time and will keep the property in good shape and order.
Apart from the preliminary work involved in finding a suitable tenant, a property manager will also look into the day-to-day management of the property which includes the preparation of a robust rent agreement that protects the interests of the property owner to ensure minimum hassle in the event the tenant does not abide by the agreement. They will handle tenant complaints and carry out routine maintenance work and attend to repairs. Depending on the property manager you hire, they may attend to repairs and maintenance using their staff, if not; it is the responsibility of the property manager to supervise third-party workers, their contracts and their payments.
Apart from supervising a tenant’s move-out, should there be a need, the property manager will see to the eviction of difficult tenants and look into all the legal aspects of such an eviction. They are well suited for this kind of job because of their experience and familiarity with the legal process. Managers are also expected to keep records and brief you periodically about the status, income and expenses of your property.