If you own real estate, you may consider placing the responsibility of your rental in the hands of a property manager. This can help you avoid the day-to-day worries of rental properties, thus making your life easier. In light of this, what can you expect from a property manager? Here is a guide for both landlords and tenants.
Their primary duties are to market your rental, choose tenants and then, as the name suggests, manage your property.
You can assign a manager to do one or more of these main responsibilities, depending on your needs and the agreement. Here are a few of the more specific tasks.
An experienced property manager will have a good understanding of the local market and how potential changes could affect your investment.
Their commission is paid for by the landlord, therefore, the service is completely free for a tenant.
Having a manager dedicated to your property will assist you too, as all demands should be met swiftly and effectively.
How do you choose?
The days when the management of rental properties just entailed collecting money are well and truly over. Besides being well-trained and highly skilled, one of the main things you should be looking for in a property manager is experience in the industry – particularly a deep knowledge of the area you’re looking to invest in (or have already invested in). When asked, they should be able to give you a detailed record of all the services they offer, including fees.
It is recommended that you ask questions like:
Provided that the answers supplied are satisfactory, you may have found the manager for you. But, just like any relationship, don’t feel the need to rush into anything.
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