Property Manager Service
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What Does A Property Manager Do?
The cost of property management is a valid argument, especially when you consider detracting from your bottom line, but I can assure you it’s doing anything but. Yes, a property management company will indeed cost additional money to hire, but I like to think of it as an investment, as opposed to a cost. You see, a good property manager can very easily return more than their own initial cost. After all, the average property management company will typically award investors with the following:
- Property managers will collect rent from tenants
- Property managers will listen to maintenance requests and address the problem
- Property managers can deal with defaulting tenants that are months behind in rent
- Property managers will market a subject property to limit vacancies
- Property managers will keep detailed records of everything happening at the property
Collecting rent is one of the most obvious tasks of a property manager. If that’s all property managers did, however, it would certainly be harder to justify hiring one – especially with online payment capabilities. Of course, that doesn’t mean collecting rent is easy by any means. If all of your tenants are paying their leases upfront in full and you don’t mind paying a great law firm when things don’t go right, you might wait to evaluate all of the services. Yet, most real estate investors are not in that situation. Some operate in markets where it is a battle to reel in the rent every month.
Regular Property Maintenance
Dealing with tenant maintenance calls is perhaps the biggest driver for real estate investors to enlist the help of a property manager. It isn’t just about the maintenance, however: dealing with the tenants can often be the biggest challenge. Sometimes their needs aren’t big or expensive, but the timing and urgency are. It may be blocked and back-flowing pipes on the weekend or being locked out in the middle of the night. A lot of these calls can be irritating to a landlord, but if they are always treated that way, bigger issues with renters and rental property performance are sure to arise. Rapid and responsive customer service is needed to optimize income properties.
Property managers will deal with these requests, alleviating you from the burden. If it is small, the requests may be handled internally. Larger and more complex issues may be delegated to outside specialists. Sophisticated property investors normally have a property management agreement that authorizes the company to handle up to a certain dollar amount of repairs without needing express permission first. This just streamlines the process and ensures issues don’t get worse if you can’t be reached.
Property management companies can call for regular inspections and routine maintenance such as:
- Lawn Care
- Pressure Washing
- Preventative Maintenance
- Plumbing Issues
- Fixing Appliances
- Drywall Patching
- Anything Else A Tenant Might Need
The property management company will essentially act as the “middle-man” and connect tenants with the necessary services.
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