If you own investment property or you are renting your primary residence out while you live somewhere else, you know that there are many things that have to be done every day to manage the rental. You may need to tend to the tenant’s repair emergencies. You may need to help with showing the property to prospective tenants when the rental is vacant. You have to collect rent. When you think about it there are many duties involved in managing even the smallest rental property.
Managing Rental Property
When you have a portfolio of properties including top commercial real estate firms, it is almost impossible to handle the duties of managing them all by yourself. This is why you would want to hire a property manager or a property management company. What do these professionals do?
Their essential duties would include responding to repair requests, even emergency ones. Pipes do not always wait until the hours of 9 am and 5 pm to burst. You may not have the means to answer an emergency repair request, but your property management does. They also have access to all kinds of plumbers, electricians, and carpenters. They know that their job requires being accessible 24-hours a day for emergency situations.
Establish Rental Rates
Property managers will collect the rents for your as well as establish rental rates when needed. They perform bookkeeping duties. They will help you understand all overhead costs, taxes, and depreciation. They will send out any correspondence needed to tenants including eviction letters.
They advertise your properties for rent online and offline. They will show properties that are for rent to your prospective tenants. They will also pay all vendors and bills associated with the maintenance of the property. They pay the garbage collectors, the landscapers, the janitors, the laundry room services and whatever else is necessary to run your commercial or residential rental.
They essentially deal directly with your tenants and your prospective tenants. They take your worries about managing all aspects of the rentals off your hands. You are free to invest your time on other things whether that is spending time with your family, working at another job or just looking for other rental properties to add to your portfolio.
Experienced Rental Estate
Property managers in most states must be licensed or experienced in real estate to some degree. When you decide to hire a property manager you have to do your due diligence in finding them. They can save you lots of time and money.