7 Ways Property Managers Can Help Property Owners

Premier Realty Property Management • Aug 29, 2023

Owning and managing rental properties can be very time consuming. Thanks to technology there are many online sources, Apps, and programs that can make managing a real estate portfolio easier. A property manager can be a valuable asset to any landlord who wants to minimize their headaches and maximize their profits.

The tasks that a property manager performs are based on the property owners needs and they are trained and prepared to assist owners in many ways.

Here are a few ways a property manager can help owners of rental property:

Keeping property vacancies at a minimum: Property managers use a variety of methods to locate qualified tenants for property rental. Their goal is to keep properties rented with income coming in. The property owner can relax and have peace of mind when their properties are rented.
Screening and selecting prospective tenants: Property managers have the experience, expertise and technology to screen tenants for employment, income, eviction history, criminal history, financial stability, and rental history.
Preparing necessary contracts and agreements. Property managers will prepare rental or lease agreements representing both the landlord and tenant. They will be responsible for making sure the rental agreements are legally written, signed and binding for all parties involved.
Management of rental income: Property managers will collect rent payments via procedures they have set in place which can include mailing, delivery or electronic payments. They will also handle collections for nonpayment of rent.
Oversee maintenance and repairs: A property manager will manage incoming maintenance or repair requests from tenants, inspection of issues, scheduling of repair or maintenance service, and payment for repairs.
Property monitor: A property manager will oversee the property to see that it remains in good condition and address any complaints from the tenants.
Reporting to Owners/landlords: Reporting income, expenses, and financials to owners.

Whether you are new to being a landlord or a seasoned landlord, you may want to enlist the services of a property manager to assist with landlord tasks.

Do your research and check references. Select a property management company that has a good reputation.

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Steps to Hire a Property Manager for Your Rental Property

By Kris Karlek • 10 Nov, 2023

If you are a busy landlord and need help, look no further than a property manager. There are many tasks a property manager can do to assit a landlord. Take your time and take the steps necessary to find the right property manager. Remember that not all property managers are the same. If you search you will find a lot of property managers. Almost every real estate company manages properties.. With so many to choose from, landlords need to carefully select the property manager that is best suited for the job. It is important to know what to look for. Here are a few steps to take when choosing a property manager: Experience : Before hiring a property manager find out the level of experience they have. It is best if it is a local company. You will want to hire a property manager with experience managing residential properties. References : Ask the property manager for references from previous landlords. Take caution if they do not have references, or if you learn anything negative about the company. Conduct an online search for negative reviews. Licensing : This is especially important. Each state has different requirements. Make sure the property manager is licensed in your state. You can go online and look up licenses or contact your state's real estate commission to verify the property manager's license. Insurance : You are hiring a property manager to care for your valuable real estate. Don’t take this lightly. Make sure the property manager has enough insurance and the right kind of insurance. This will protect you in case the property manager is sued or makes a mistake. After you have found one or two prospects that you are interested in, contact them, and schedule an interview. It’s good to have an in-person meeting, but a phone interview would suffice. Here are a few questions you should ask during the interview: What do you charge for your services? 2. What property management services do you provide? Be specific: Tenant management, fiscal management, maintenance and repairs, compliance, etc. 3. How can you help manage the type of property I own? (Homes, apartments, townhouses, mobile homes, etc.) 4. How often do you communicate or report to landlords? 5. How do you handle tenant complaints? 6. Do you have service vendors to manage maintenance issues? Once you've found the right property manager you should have everything in writing and have a legal contract between the two of you. Landlords may want their attorney to review the contract. If you're considering hiring a property manager, be sure to do your research and choose a qualified and experienced professional.