Having a great property manager is a crucial part of managing a real estate investment profitably and with much ease. The role of a property manager is underestimated/underrated within the real estate space. He/she determines the profitability of any residential building under his care and ensures that the real estate investment is being run and maintained as a going concern. It’s not as easy as it sounds, most times properties are owned by corporations or real estate investors who are not knowledgeable or too busy to be actively involved in the day to day management of the building such as evictions, filling vacancies and resolving tenant complaints, this is where the property manager comes in and helps alleviate the concerns that come with managing a real estate investment obtained using skip tracing.
What does a Great Property Manager do?
Buying real estate is no small investment, I mean, the profitability of the millions or thousands you’re investing depends on you being able to find someone who will take ownership of the process and do the dirty and not so dirty aspects of managing a property. So what does he do:
- Managing tenants and tenants turnover: The duties of the Property manager go beyond just managing the building but also extends to tenants. They are responsible for finding and attracting tenants to the property. So you have the responsibility of ensuring the property is good enough to attract potential tenants and convert them to actual tenants. Property managers also have the responsibility of screening potential tenants to ensure that they are trustworthy and have a good credit history and background.
- The PM also manages tenant turnover by checking and fixing damages in rental spaces after tenants move out.
- Collecting Rents: The property manager is responsible for collecting rents. They also set rental rates with an eye for profitability for the owner and also cast an eye on attraction for tenants.
- Property Maintenance: The job title would be a nullity if the property manager didn’t actually ensure that the house was actually being maintained to acceptable standards.
The property manager is also responsible for the overall supervision and ensuring the building is secured. Seems the property manager is some sort of superhero huh?, but how do you find your own kickass manager.
What to look out for
Here’s a brief list of thing to look out for when trying to find a property manager that will help you hack the proper management of your real estate investment
- A good starting point is to ensure that they understand what their job is, whether as an agency or individual, you can do this by checking to see if they have proper licenses and certifications.
- Experience is crucial in this game. Look for a property manager with experience managing the kind of property you have. specialized experience is crucial.
- Do your research. Check reviews online about the agency or individual and be sure to leave nothing to chance. we are talking about your investment here.