After you have purchased your rental property, as a landlord, you’re going to want to find some help with managing it. Still, you will have to hire a property manager who will be fully responsible for the property. That’s why it’s crucial to work with qualified property management companies like Bay Property Management Group. The property manager will have to play a massive number of responsibilities normally played by the landlord; below are few responsibilities played by a great property manager.
Responsibilities Played by a Property Manager
- Finding new tenants –this is one of the responsibilities of a property manager (tenant management); this often includes looking and attracting new tenants. By achieving this, they have to advertise the vacancy in the rental units.
- Handling complaints- at one point or another, issues may arise between tenants. The property manager will become the mediator and solve the issue.
- Securing the property, the responsibility of taking care of the property is fully left for the property manager by the landlord. The property manager should hire legitimate security firms to secure the building. A professional property manager should know that a highly secure apartment should attract more tenants.
- Property maintenance is another responsibility of a property manager; maintaining the property will ensure it is in good condition, creating a conducive environment for tenants. The property manager should investigate and resolve the tenants’ complaints.
- Collecting, adjusting of rents- since the landlord has left apartment on the property what he will need at the end of each month is rent, this will make the proper manager to collect and adjust rents depending on situations and apartment conditions.
- Tenant screening- property manager should ensure the tenants are trustworthy.
As a landlord you should take your time before hiring a property manager, remember this is your property and needs to manage properly to increase the profits. Below are few factors to consider before hiring a property manager.
1. How Far is Your Property
If you happen to stay away from your property may be 100km or so, you should hire a property manager. The time and the travel cost from your property to where you stay will be high making it cost ineffective.
2. Number of properties you posses
By any chance you possess more than one property it is of more importance to hire a property manager. By doing this will have ease the time wasted from one apartment to another, and also all the tenants will be served equally to satisfaction.
3. The experience of the property management
Ask for the experience of the property manager you want to hire, this can be achieved by asking for their previous managed properties. As a point of fact you cannot hire a property manager who has two years’ experience over ten years.
4. Ask for referrals
It is of great importance to ask for referrals before hiring a property manager, call your friends who have once worked with one, ask them to suggest the best one for your property. Some other property managers may have social media accounts, go through the comment section and get very good information from clients who hired them before.
5. The Price
This the first factor to consider. You should ask yourself if you can afford to utilize a certain company. Usually, most property management companies charge 4-10% of the monthly rental income. It is advised to hire a company which will charge a reasonable fee.
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