What Does a Professional Property Manager do Exactly?
For real estate investors with multiple properties, using a professional property manager is usually a logical choice. But many rental property owners with only one or two properties will still benefit from using a good property management company. This is because good property management takes a lot of time and energy no matter how many properties are being handled.
Have you ever wondered what a property manager actually does? Here is a list of the normal responsibilities that a professional property manager like Martin Feinberg would typically handle.
Sets rent rates
A good property manager will assess rental rates through neighborhood research. They will also take into consideration how well a property has been maintained and whether or not a property owner has allowed smoking within the unit, as both of those issues affect rental pricing.
An experienced manager will also recommend needed changes or upgrades to ensure that a rental property rents for a good price.
Markets the property
Owning an investment property can make good financial sense, but it can quickly become a financial burden if it sits vacant for too long. Professional property managers market rental properties in order to obtain the best tenants in the fastest time possible. Good managers know the best online outlets for advertising and will do more than just place ads. Knowledgeable property managers know how to make a property sound appealing to potential tenants and know how to successfully advertise a property’s assets.
Finds good tenants
One of the biggest potential headaches a property owner may face is finding good, reliable tenants. Property managers have the skills and experience necessary to know how to do that. Not only will they handle all calls and applications, they will also perform screenings and background checks. They also handle showings, which take up a lot of time and energy to schedule and carry out.
Once a good tenant signs a lease, professional property managers will know how to keep them happy.
Collects rent and manage finances
Property managers collect rent and deposit it into the rental property owner’s account. They also handle late fees, partial payments, other financial issues, and all communication with the tenant that comes with such issues.
Besides dealing with rent, property managers also take care of other issues that come with owning a rental property, such as paying maintenance or utility bills (when applicable).
An excellent property manager will also use an online rent payment system with tenants, making it even easier for everyone involved.
Handles maintenance issues
No matter how good a tenant or how well maintained a property is, there will be maintenance issues. Good property managers will make sure the outside of a property stays clean and well groomed and that the inside is always in good repair. They will also oversee snow or leaf removal, pool cleaning, and other similar tasks.
When a third party needs to be brought in to handle such tasks, experienced property managers will have connections to vetted and reliable individuals and companies.
Property managers also deal with other tenant concerns such as complaints about noisy neighbors or other tenant issues.
Manages move-outs and evictions
When a tenant moves out, the property manager handles the walkthrough, assesses potential issues, and knows how to deduct repairs beyond normal wear and tear from the security deposit. They will also make sure the property is professionally cleaned, that repairs are handled competently, and that the rental unit is quickly ready for the next tenant.
When an eviction becomes necessary, property managers handle the problem and ensure that all laws and regulations are followed to avoid legal issues.
Property managers can help make sure that an investment property stays a good investment. It’s important to realize however that every property manager runs his or her business a little differently. When choosing a property manager ask good questions and look for straightforward answers to help ensure your individual needs are met.