Being a landlord is rewarding, but the job definitely has its fair share of stressors. Most landlords find their responsibilities tiring, costly, and time-consuming, especially as their real estate portfolio continues to grow. That’s where a property manager can help.
Here are the basics of property management—and more importantly, here are the ways a property manager can increase your passive income.
What Does a Property Manager Do?
Property managers fill a number of roles. In some ways, they’re sort of a one-size-fits-all solution to your real estate problems. Their responsibilities include the following.
Managing Tenants
Tenants are one of the biggest variables in real estate. You may be able to crunch the numbers on other factors of real estate, but the truth is that people are far more unpredictable.
Property managers help you mitigate most tenant-related issues. They’ll act as a point of contact when tenants have questions, deal with noisy neighbors, respond to maintenance requests, and more.
Without a manager acting as a middleman, you’d have to respond to all these problems yourself, costing you time and money in the long run.
Alerting You to Property Issues or Changes
Property managers also update you on the status of your properties and any changes you may not have noticed. These updates could vary from vacancy rates and business policies to lease changes and compliance issues.
As the landlord, you’ll still have ultimate control over your property, but you won’t have to keep track of all the details. You’ll be more prepared to face vacancies—or better yet, avoid them altogether.
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Overseeing Maintenance and Repairs
This is the most commonly known role of a property manager and for good reason. Property maintenance and repairs can be a full-time job in itself, and you certainly don’t have the availability to deal with all of it, particularly if you want your real estate income to remain passive.
A property manager will take care of maintenance requests and order any major repairs. They usually partner with affordable subcontractors to fix bigger problems, which saves you money. They can also carry out maintenance on the grounds, gardens, and communal spaces surrounding your land.
Screening Tenants
When you’re searching for tenants, property managers can help you to find ideal candidates. They can carry out screening, such as background checks, credit checks and referencing involving previous landlords.
Ensuring Tenants Stick to Their Leases
Property managers can undertake regular inspections of your property, ensuring that your tenants aren’t causing damages or sneaking in pets. For example, if the lease states no pets, a property manager can check to ensure that there are no pets at the property. These regular checks can also ensure that any damage (that may otherwise be left unreported) is tackled sooner rather than later.
Financial Planning
Your property manager can also undertake administrative and secretarial tasks, ensuring that any necessary work remains within a given budget and guaranteeing that all of your spending is fully accounted for. Taking care of rental property taxes etc.
Extended Geographical Options
Of course, the sheer amount of tasks above highlight just a few ways that a property manager can help to save you time and money. But they come hand in hand with other benefits too!
Many people find that property managers allow them to invest in property and rental property in areas that are further afield from their local area. For example, if you live in New York, but see an attractive and lucrative property in San Diego, you can use San Diego property management to make this a viable investment.
A local property manager will eliminate the need for you to travel extensive distances or for long periods of time to check in on properties that are further afield.
Final Thoughts on Hiring a Property Manager
As you can see, property management can make leasing out property significantly easier and much more convenient. Not only will property managers save you time and money, but they’ll give you peace of mind too!
