A property manager is someone who takes on the responsibility and task of managing properties. They do this for landlords, management companies or just about anyone in charge that needs help with their rentals. They can serve a godsend because there’s just so much to keep track of - well more than the average investor can handled on a daily basis.

Here are some important tips when hiring a good one:

Financial management

Property managers need to be responsible for property finances. They negotiate lease agreements, collect rent and utility payments from tenants every da. They also keep track of spending in order ensure that the properties remain profitable.

Property manager are also in charge of making sure vendors do their job. They are responsible for ensuring that all payments have been made on time. They also keep track of late fees or other penalties.

Moreover, they’re in charge of marketing and filling in tenants with qualified tenants.

Experience in real estate

Property managers need to be able to provide excellent customer service. Also, a good understanding of real estate is expected of property managers. Note that some states need specific qualifications or extra certificates. Some areas have additional requirements about rentals and tenant-landlord laws. Property managers must know how to prioritize such issues to avoid sources of liability.

Repairs

When it comes to maintenance, some property managers are more proactive than others. Some outsource their repair work and turn-over charges for an affordable cost or have an internal team members, like an onsite handymen, who can do tend to physical issues of the building.

Property managers will often ask the owner for a maximum dollar limit before they consent. This is to protect both parties from having their judgement called into question, as well as preventing any misunderstandings about specific repair requests in advance of time being spent on them. $200-400 USD (or even more) through an escrow tends to be the average.

Fees

Managing a property is not cheap. Monthly fees can range between 8% and 10%, with some management companies charging 12%. Some of these charges may be included in your rent. However, it's important to find out if you'll only pay for what comes back at the end of each month - like utilities or security services.

With a skilled property manager, you could save yourself thousands of dollars in vacancy and turnover costs. By handling the paperwork for renewing tenant contracts with this one-time fee (or even less), they can help ensure that your properties stay rented out longer.

When it comes to property management, know the essentials. Ensure that you feel comfortable with whom you hire and believe they will do what’s right when managing your properties; in this free market of competition there's always another company waiting for better candidates like yourself!

For more information about choosing the right one, book your consultation with one of our experts today!