Property Managers are responsible for operating, controlling, maintaining, and overseeing a real estate property including residential, commercial, industrial, shopping centers, condominium units, apartments, or land. Property Management is the process of supervising the all above-mentioned property types on behalf of the property owner.
Property managers also assist the owners in budgeting, advertising the rental properties, choosing the right tenants, collect rents from tenants. The property manager can list the property and even show it to potential buyers or tenants. In return, the owner gives a percentage chare in the rent based on their agreement.
Why Property Management is required?
There are several scenarios where hiring a property manager seems so beneficial.
When you invest in a property to rent it out or sell it further and you also have to work at the office or run your own business, you need someone to manage your investment. You can’t be present at all the places at all times. It will be tough for them to find a balance in their personal life, professional life, and property management.
Regular investors who have multiple properties in their portfolio simply can’t manage all of them at once. They need professional property managers to manage their investment so they can get a good return when they sell it or rent it out. As such regular investors need more than property managers, they don’t hire them one by one. They simply hire a property management firm that further deploys managers to their respective properties.
A good property manager can be a great stress reliever. They can take good care of your properties so you can well manage other tasks at hand on a regular basis.
How to find a good property manager?
You can ask for referrals or search on Google for the best property managers near you. However, regardless of the source, see for the below qualities in your property manager.
Trustworthy:
Carefully observe the candidates whether they seem they can be trusted or not.
Experience :
If you have a particular kind of property, see if the candidate has experience in managing that particular type of property. If not, still see how well they represent the plan to manage your property.
Financial Understanding:
Property management should also be able to manage your property-related finances else you have to hire a financial manager separately.
Their choice of tenants:
Ask in the interview about their views on the type of tenants you should get. Professional property managers are ones who have a robust screening process for tenants. They should do a background check, credit check, and reference check on potential tenants.
Local Knowledge:
Local property managers have worked on the ground level in your area. They know the neighborhood, properties in there, and the market better than the outsiders. Also, local property managers can visit the property at any time to do a quick check.
Clean and Clear:
Be clear about the billing charges and other expenses. Make sure, the candidate has a transparent process.
