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 can be daunting.
But that’s where a property manager can step in.
A professional 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 the market value 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 help ensure the potential renters will be responsible and reliable. Once the tenants have been screened and approved and have moved in, property managers can even help 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.
Most importantly, Property Managers can take over the less desirable parts of property management, such as handling emergency repairs, creating monthly expenditure reports, taking care of important tax filings, and performing home visits and inspections. 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, and the responsibilities included as part of the property management service, but most property managers will charge one month’s rent to secure a tenant and then charge a monthly fee equivalent to 10-15% of the monthly income derived from the rental income, 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.