More people are currently renting homes in the United States then have in the last 50 years.
If you’re one of the millions of property owners currently renting, this might sound like a great statistic — until you consider the workload.
Not to worry, you don’t have to hack it alone. Here are 7 tasks you didn’t know a property manager can relieve you of.
So kick back, relax, and let the property manager take a load off your shoulders.
1. Property Maintenance
Often, property owners don’t live near the properties they are renting out. This can present a major problem when it comes to the maintenance of their rentals.
Happy day, however, because a property manager can take care of this for you!
No more Googling “reliable plumbers in such-and-such location.” A quality property manager is aware of experienced and reliable maintenance professionals including everything from, plumbers, electricians, AC, landscapers, and more.
A property manager is the contact on hand for renters to get in touch with, in maintenance emergencies as well.
No more dealing with late night phone calls because some renters’ washing machine flooded. Let the property manager handle lose the sleep.
Not only this, but a truly good property manager has built cordial relationships with these companies or individuals so calling upon them in times of need is not a problem. They may even be able to finagle discounts or great deals on services for maintaining your property.
When tenants vacate your property, a property manager can also take on the task of completing repairs and cleanup.
2. Screening Potential Tenants
Ah, the screening process. It can be described in so many words, tiring, awkward, discouraging, …frightening. So why do it?
Pass the buck to your property manager and let them deal with any wackos wanting to live in your property. Not to mention, this is again another perk for property owners who live far from their rental properties.
A property manager can perform the tasks of:
- Verifying income
- Sifting through applications
- Calling references
- Performing background checks
- Performing credit checks
Having a competent property manager to handle this process will save you money and time in the future. A quality manager can weed out tenants who may be unreliable rent payers, disorderly, or destructive.
3. Surveyance of Local Competition
One of the tasks that can be delegated to a property manager is research into local competition rental prices.
Your property manager can see what other places are renting similar properties for and whether those prices have gone up or down in recent months. This will help you decide on appropriate and lucrative pricing for your units.
A property manager is responsible for obtaining valid evidence for why your property might increase rent by a specific percentage every year a lease is active.
They are responsible for knowing how to determine rent based on facts and market numbers.
4. Creating the Right Lease
As a property owner, you may or may not have an existing lease template you prefer to use for renters. However, a property manager can either do this for you or can help you improve upon the one you already have.
The property manager can create the list of what you will and won’t do as far as maintenance, rent rates, when and how much rent might increase, security deposit costs, lease length, etc.
Having a well-done lease is a vital aspect of property ownership and management. This is your safety net and protection if things with a tenant go awry, so choose an excellent property manager and get an excellent lease made up.
5. Advertising and Promotion
Property managers must essentially be a jack of all trades in that they can cover your bases in so many areas of management.
One especially helpful area is that of advertising and promoting your property.
A great property manager can list your property on the MLS (Multiple Listing Service) so both renters and buyers can see the details about your property.
They can even take care of campaigns on multiple platforms. This means they’ll hire your photographer, public relations experts, social media strategists, and any other marketing-related individuals you need.
You may also relinquish the task of creating online advertisements for various websites to your property manager.
6. Tenant Communication and Interaction
Because this task of communicating with tenants has so many different circumstances, we’ll simplify it by listing all types of communication with tenants that a property manager will do on your behalf:
- Move in confirmation and walkthrough
- Review of lease guidelines and policies
- Responding to tenant requests, questions, or issues
- Making sure agreements are accurately executed
- Collecting rent and initial security deposits
- Enforcing rules and late fees
- Sending quit or payment due notices
- Sending out general tenant or property notices as well as updated property information
- Representing you (the property owner) in court in case of eviction
- Filing paperwork for evictions
- Working with law enforcement for the removal of tenants and their possessions
7. Taking Care of Finances
If you’re one of many property owners with multiple properties, you know it can be challenging to stay on top of all the bills you have to pay. Just think of it, you may have anything from mortgages, to HOA fees, to various insurances, and others.
Don’t risk letting important financial tasks slip between the cracks. Having a property manager to take charge of these finances on your behalf is a great relief to such a burden.
Not only will they take care of paying these bills on your behalf, but property managers can also manage other financial needs like maintaining all your records, invoices, warranties, leases, inspection reports and others.
Simply have your property manager create and send you a monthly report on itemized expenses and cash flows.
Hiring the Right Property Manager
These 7 tasks that a property manager can handle for you are just the tip of the iceberg.
Property owners, don’t waste another second doing work you don’t need to. Get the professional help you deserve today.