Many people have heard of property managers, but aren’t quite sure exactly who they are, and what they do. Well, to put the term concisely, a property manager is a company that operates real estate properties for fees. They do so when an owner is either unable to personally attend to the required details, or does not care to execute the responsibilities themselves.
Property managers are there to oversee an owner’s properties to make sure that their properties are receiving their expected revenues. They will handle all financial requirements regarding the property, collect any rent and mortgage, taxes, or insurance. They will also make sure that any repair bills are paid on time. When a unit opens up, they are the ones that will make sure it gets marketed and rented. They can also assist the owner in determining what to charge regarding rent, and make suggestions to the owner about lowering or raising the price depending.
What does a Property Manager do? Property managers usually execute the following:
- Meeting with prospective tenants to show them the property
- Discuss the lease, and have it signed
- Collect the rent from all tenants
- Inspect the building equipment
- Arrange any repairs that need to be done to a specific unit or the property itself
- Pay bills such as taxes, insurance
, payroll, and maintenance
- Contract for trash removal, maintenance, landscaping, security, and other services
- Settle any issues within the building, such as noise complaints
- Keep any records involving the units
- Create budgets
Another luxury of having a property manager is that you’ll be able to invest in even more properties, since you’ll have the time and energy, as you won’t be managing them yourself. This allows you to get even further into a growing market and eventually make even more money on property.
Managing properties can be extremely difficult. Many people want to own investment properties in order to make a huge profit, but they don’t have time to dedicate to keeping them running, and keeping tenants in them. Real estate investing can prove very profitable, but you aren’t going to make any money if you can’t keep updated on them. If you are having trouble fitting in the time to manage your properties, it’s high time that you hire a property manager through a property management company.