If
you already own a rental property, or you’re looking to get into the business,
the idea of having to deal with tenants and managing the property might be
daunting.
But
that’s where property managers step in.
A
credible property manager will take over the responsibilities that rental
owners might not want to handle. This could include surveying the market and
area to determine a reasonable and competitive rate to charge for rent.
Property managers can also help you sell a home by generating solid leads
through a variety of channels, including social media, advertising, and the
multiple listing service.
Once
your property has caught the eye of prospective tenants, the property manager
can help you vet the tenants to make sure any potential renters will be
responsible and reliable. Once the tenants have been screened and approved and
have moved in, property managers will even be able to protect you from
potential lawsuits by staying up to date on your city’s laws, rules, and regulations
to make sure you’re in the clear.
From
there, they’ll be able to take over the less desirable parts of property
management, like handling emergency repairs, creating monthly expenditure
reports, taking care of important tax filings, and performing home visits.
Given the wide range of services that property managers provide, you might now
be wondering how much they charge. Fees vary widely depending on where you
live, but most managers will charge one month’s rent to secure a tenant and
then charge a monthly fee to manage the property.
As
with all things related to buying and renting property, you’ll want to make
sure you do your research before hiring a property manager. But once you find one
that is experienced and dependable, you might be amazed by the peace of mind
their services can bring.
Your
real estate agent can assist by recommending a reputable company.
