Before hiring property managers or a property management company, you need to know what their responsibilities are. Doing so will help you establish the right expectations. You should also be capable of holding them accountable if they fail to do something that is part of their job description.
You might be thinking of hiring excellent property managers with the intention of letting them take care of your real estate so you don’t have to think about it. It still wouldn’t hurt to skim over what their responsibilities are, just in case. Below is a list of the duties of property managers.
Not all people make excellent occupants. As a home or real estate owner, the last thing you need is tenants with terrible habits who may wreck your place and try to get out of paying rent. By hiring property management companies or property managers, you can forget all about your tenants as their screening will be properly taken care of for you.
A property manager knows the market enough to be able to set a rent that is both good enough for you and attractive enough for potential tenants. Without professional help, you might set a rent that is either too high that no one considers your property or too low that you don’t make any profit.
It’s also the responsibility of property managers to collect rent. Collecting rent is probably the worst thing about being a property owner. Some tenants will make your life easy, but others might stall or try to get out of paying altogether. By hiring a property manager, you can put your mind at ease and forget all about collection issues.
Even if the tenants occupying your rental property are considerate and amazing people, things eventually break. When things break, you’ll be responsible for fixing them as soon as possible or else you tenants might move out and the attractiveness of your property will drop.
Hiring someone for maintenance and repairs can be particularly difficult if you’re living far away from your property. Having a property manager to regularly maintain the different aspects of your real estate and repairing them when needed can take a lot of load off your shoulders. For example, if your tenants call you to angrily complain about how a broken water pipe hasn’t been fixed, then you should hold your property manager accountable.
Balancing budgets and keeping a record of everything is mentally exhausting. A property manager, however, gets paid to do it and should do it well. It’s his or her duty to be able to make correct decisions regarding the budget and keep track of all records and expenses.
Property managers exist to make your job easier. It’s what they’re good at and they have experience doing it. By hiring the right person or people, you can focus on your life on other things. Knowing the responsibilities of the person you hire will help you establish the line between their responsibilities and yours.