Why would I need a Property Manager?
CPManagement • December 12, 2019
What is Property Management?
Many do not really understand what it is that properties managers actually do.
Property management companies oversee and handle the leasing of a real estate property for individual owners or investors. Some owners may have moved out of town and it is not an ideal time to sell; while others love the house, but had to move out for business, and plan on moving back in the future. Investors often purchase several homes to rent out as an investment and income strategy--some live in the area and some far away.
What do Property Managers do?
Property managers offer a range of services
involved in taking care of and managing your properties. At a high level, their job is to make sure that your assets are well maintained and retain value. This could include the following:
- Advising on best pricing and any improvements needed to best lease out the property.
- Advertising, getting photos or virtual tours, and then listing the property to best attract tenants.
- Vetting and background checking all applicants, to ensure the strongest candidates.
- Walk the property with tenant. Create Move-in checklist to record the properties condition/and subsequent check-out conditions.
- Inspect the property regularly to ensure standards are being upheld. [We inspect quarterly].
- Administering and enforcing leasing agreements.
- Collecting monthly rent payments.
- Scheduling maintenance and repairs.
- Keeping a record of financial statements and preparing reports for the owner.
- Maintaining positive tenant relations and initiating the eviction process, if necessary.
Things to look for in a Property Management Company.
Your property manager needs to be a licensed real estate professional.
The ideal company manages properties as their main role, and thus, focus on doing this well. Many real estate companies do this as a side business.
You want someone on your side that is vested in you and your properties’ condition. How is their communication? Do they answer the phone promptly, or return calls? Are they hospitable, friendly and helpful? Do they have a sense of urgency? For the leasing out of your property, time is of the essence; time is money, and in the case of housing, a lot of it!
What are the Benefits of Property Management?
As a third-party, a property manager can take the emotion out of managing the property i.e., you don’t have to be the bad guy!
They strive to serve both you and your tenants’ best interests. It’s their role to keep the tenants happy, [A happy tenant takes care of the property]. This must be done while also ensuring that rent is paid, tenants are being responsible, and your home is staying in top shape.
You won’t have to worry about the day-to-day headaches that arise from having a rental property. Instead, you will be able to relax and watch the money come in.
Should I hire a Property Management Company?
As you have read above, a good property manager can have a major impact on the success and value of your investment. However, finding the right one is key. Take your time meet the property manager, walk your property with them and be comfortable with them. There are managing a large lump sum of your money, and finding the right professional will have a positive impact it can have on your investment.
Collaborative Property Management is based out of Richmond Hill, Georgia, and manages properties in Savannah and surrounding areas.
Please call Russ, at 912. 525.0405, or visit our website
for more information.
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