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What does a property manager do for an investor?
If you’re asking this question or you’re curious about this topic maybe it means you’re an investor, you own rental properties, or you’d like to own rental properties and you’re considering whether you should hire it out or do it yourself. So, you’ve come to the right place. I want to explore a few things with you.
What a property manager does is they, you would, as an investor, trade the following here for a few, right? A property manager’s going to be charging you a few to manage the property and essentially relieve you of the time, the energy, the hassles and the mistakes, which can cost you money as well. The need to acquire knowledge and expertise around a lot of the things that a property manager does.
Now if you’re the property manager then you have to learn how to do property management. Or if you hire out a property management company the need is the same. The task will be very similar and it’s going to be important that you have a good property manager for your property. Your tenant and your property deserve that. So here’s some common property management activities that you can expect to do yourself or to have done by a property manager.
Having the proper licensing, that could be city licensing or with property management, oftentimes a real estate license is required. Abiding by fair housing laws and other laws and regulations. Marketing photos and videos, as you’re preparing your rental to be advertised. Answering inquires, show available rentals, take rental applications, tenant screening, prepare leases. Take deposits, rental payments, move in and move out inspections.
Manage the tenant, process tenant deposit, dispositions, which is essentially when a tenant moves out needing to deduct anything for cleaning and repairs, and sending them statements and things like that. Handling neighbor and other city, and other local complaints. Working with HOAs, monthly rent collection, posting late notices, working with eviction attorneys, enforcing leases, resolving those issues as they come up.
Accounting, of course, monthly and yearly accounting. and if you hire a company they would be providing you with statements and tax documents.
Routine inspections, going and checking on the unit from time to time, making sure that your tenants taking care of the property and the property is taking care of the tenant. Hiring vendors and contractors, and overseeing maintenance. Overseeing the utility transfers between tenants. 24/7 emergency response, and then of course ongoing education and training becoming better at what you do. Ultimately, the property manager who’s in charge of this being the best property manager so that you can make sure you’re getting a good return on the investment, the fee that we’re talking about, for trading your time and all these other things.
Now if you have any questions and things, or you’re interested in services, or if you have questions on would you be a good fit to have a property management company, or maybe doing it yourself. Feel free to reach out to us, we’re happy to explore that with you. We want to make sure that ultimately you have the right solution for your investing goals.