What is a property manager?

A huge percentage of people struggle to find enough time to manage their everyday deeds. In the first place, there are barely enough hours in the day to manage households, with work, kids, groceries, home maintenance and other chores to attend to. Furthermore, if you’re a property owner, you’re responsible in many ways for managing your tenants as well. For this reason, an excellent solution is to seek the services of a property manager. A good property manager plays a pivotal role in the success of your investment. What is a property manager?

What is a property manager?

As a property owner you have many hustles, bustles, and responsibilities of renting out a property. Hence you may want to consider using a property manager. A property/ estate manager is an person or institution charged with operating a property. Finding the right property manager is crucial since their responsibilities will be wide ranging. These will include corresponding with tenants to keeping your property safe and secure.

Engaging a property manager

Here’s a look at specific scenarios were property managers are an essential partner for any successful property investment.

You live far from your investment property

Firstly, having someone close to your investment property will be essential. A competent estate manager will possess local connections, knowledge and the ability to attend your property quickly.

You don’t want direct management of the property

Secondly, hands-on management can be quite cumbersome and time consuming. As a result your property manager can handle collection of rentals, arranging repairs, conducting inspections and overseeing lease paperwork.

You do not have the time

Thirdly, in some instances you quite literally don’t have the time to manage your property on a day-to-day basis.

Time versus cost

Additionally, sometimes carrying out a time versus cost analysis will lead you to engage a property manager. Ensure you research what service you will actually get and what you are paying for them.

You own several properties

Lastly, the more rental properties you own, the more the managerial logistics are a nightmare. In all likelihood you’ll benefit considerably from a management company to manage all the tasks and people involved in the process for you.

Key responsibilities of a property manager

  • In the first place, minimise your exposure to risk.
  • At the same time increase the return on your investment.
  • Then, manage all your property financial accounts.
  • Likewise, provide periodic reports.
  • Additionally, interview and screen potential tenants.
  • Similarly, inspect the property on a regular basis.
  • Also, organise tradespeople for repairs and maintenance.
  • Next, handle property viewings.
  • Finally, manage the tenancy agreement and oversee the signing process.

Ensure that there is a provision in your contract with a property manager that enables you nullify the agreement if they are not doing a good job.

Advantages of using a property manager

  1. Thorough rental checks.
  2. Experienced at screening tenants, reference checking and reviewing rental history.
  3. Help deal with issues ranging from late payments through to damaged property.
  4. Property managers are more accessible and offer timely responses and solutions.
  5. Their negotiating power with tradespeople ensure you get the best price on all maintenance jobs.
  6. Tenant turnover is reduced as they know how to keep
  7. Decrease tenant turn over.
  8. Exceptional property managers know how to keep their tenants happy.
  9. Work to ensure your tenants pay their rent on time.
  10. Reduce your risk by ensuring that your property is not vacant for long stretches.

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