It’s 9 p.m. and your phone rings.
On the other end are your tenants – a young family – and the news is regrettable. At some point in the evening, the power flashed and now the air conditioning will not turn back on. It’s going to be in the 90s tomorrow, and they need someone to come as soon as possible.
As you go to call your technician, you remember that they are out on vacation until next week, and you stop in place. Should you have gone with that other service company with the higher prices? How much is this going to cost?
Dozens of concerns fill your head related to this single appliance and suddenly, you’re wound up and look to spend the next hours reading and worrying instead of getting the rest you need.
Property managers exist for this reason, and property management is what allows you to own and rent property without all the time and headaches. Beyond the growth potential, a property manager offers the best experience for both owners and tenants.
Read on to understand what property managers do.
What Does a Property Manager Do? Here are Their 7 Common Tasks
Let’s take the above situation and put a property manager in the mix. At 9 p.m. your phone does not ring, and you go to bed. You wake up the next morning and see an email from your property manager informing you of the outage. Steps have already been taken to get a technician out as soon as possible.
There are still some concerns you must handle as an owner or tenant, such as arranging utility bills and insurance for the property, but a property manager can take a significant load off your plate. When asking “What does a property manager do?” these are some responses you might expect to hear back from an experienced property manager.
1. Advertise Your Property
You must consider things like advertising and marketing before you can even get started. A property manager will make sure your rental is consistently visible on the market, looking its best, and hosting property showings for would-be tenants.
2. Take Professional Photographs
In rental listings, you want to offer the best version of your property in the photos you post. Even if you have an eye for those things, property managers can also be professional photographers who have equipment and expertise that will make your listing stand out. The quality of your listings and what they represent in their photos will often result in a higher quality, more consistent response to your property.
3. Screen Potential Tenants
Property managers will screen potential tenants through background checks for red flags such as a criminal history or past evictions that could affect their potential quality as a tenant. Not every applicant will be a perfect fit and a property manager will take on the task of determining the best candidates for your property.
4. Manage Financials
There are many concerns when managing rental finances. From how you’ll get payment from tenants, to how you report on your taxes, to other concerns such as renters’ insurance, there are many ways to find yourself lost in the numbers. A property manager can make this information more readily available, easy to use, and immediate for both owner and tenant concerns.
5. Create and Send Reports
Property management services offer quick turnaround to get your money each month. In addition, property managers will assist with credit reporting and end-of-year tax reports. If rent is not paid, a property manager will take the necessary steps to collect payment, leaving you without the hassle of doing so yourself.
6. Communicate With Tenants
A property manager will keep up with many of the required communications with tenants. They will have a consistent ear to hear tenants’ concerns or answer questions about the property. This also includes communications if payment is not received.
7. Handle Maintenance Requests
With a property manager that offers 24/7 support, your tenants will feel that much more secure and will appreciate the service offered. Finding fast, reliable service and maintaining that standard is a task all its own, and property managers invest greatly in the best possible vendors.
Property Management Works to Save You Time, Money, and Energy
Property managers handle a share of the responsibilities in leasing out a residence. With them, you can wisely use your time to pursue other houses and business opportunities or spend time with family and friends.