Professional Property Managers and Management Services are another indispensable asset for real estate investors. This is particularly true for those investors that don’t want the headaches and difficulties that can arise from managing tenants and maintaining properties day to day.
A competent property manager will be an expert at screening and placing tenants, collecting rents, responding to emergencies, scheduling and overseeing routine maintenance. for the investor they can also be a great source of information on local markets, setting competitive rental rates, and recommending ways to improve your properties to increase income.
Property Managers can also provide referrals to contractors and tradespeople, identify potential joint venture partners and also provide insights into properties that may be available off-market. A good property manager will advise the investor on popular, high demand property rental areas and will have valuable insights into general direction of the local markets.
What is Expected from a Property Manager?
Being a property manager is difficult work. That’s why many investors quickly realize that if they want to scale their investing and income potential to higher levels, it’s best to leave the hands on, day to day management to other competent professionals.
Activities, processes and skills that a property manager will bring to the table every day include thorough tenant screening and selection which minimizes vacancy, turnover and damages, staying current with landlord-tenant, property, anti-discrimination laws and managing the tenant move-in and move-out process.
Property managers also oversee and manage maintenance activities, enforce lease agreements and handle regular tenant communications as well as disputes.
A good, experience and engaged Property manager will also have their pulse on current, local rental market conditions and be an expert at pricing, marketing and promoting your properties to prospective tenants.
There’s significant nuance to each of these and many more situations that arise and require the expertise of a competent Property Managers. If you have a large number of properties and tenants, or if you just prefer to take a more passive approach with your investing, finding competent, trustworthy property management services and professionals should be near the top of your to do list.