What Does a Property Manager Do?
A property management professional takes on the day-to-day tasks of running your property, including interacting with tenants, fielding complaints, screening and vetting applicants, marketing and advertising your rentals, collecting rent, depositing funds into your accounts, coordinating repairs, and working with contractors, plumbers, electricians, etc. to repair and maintain units.
A good property manager communicates regularly with you but does not turn to you for every issue or request. They can handle it - per your specifications. Hiring a property manager is the greatest gift you can give yourself if:
- You own multiple properties. If you own five, ten, or more properties and are handling dozens of tenants, your plate can quickly become overloaded. Delegate some of that responsibility to an experienced property manager, and you’ll find you have time to… well, breathe!
- You own properties in an area in which you do not live. If you’re a remote landlord, managing properties can be challenging. A manager who is in close proximity gives you an on-the-ground person to handle daily operations.
- You’re not detail-oriented. You may not be a detail person, or you may have other investments or job obligations that demand your time. Not to worry: you can maximize your rental potential with the help of a property manager.
- You have vacancies and aren’t sure what to do about it. Vacancies mean one thing: lost income. Why are units not being rented or leased? If it’s a marketing issue, a property manager can help position your property favorably with prospective tenants.
- You’re busy. Aren’t we all! But when you already have a packed schedule, meeting the demands of your property(ies) can be too overwhelming.
- You want help with complex ordinances or affordable housing programs. State and local laws are ultra-complex, and you may need extra certifications to comply. A property manager will ensure you don’t break the rules. (But always maintain oversight because, ultimately, you are legally responsible.)
Hiring a property manager gives you the gift of:
- Less stress
- Reassurance that tenant issues will be handled correctly
- Peace of mind that your property/units will stay in good repair
- Assurance that legal requirements are being met
Typically, some property managers take the equivalent of one month’s rent as a flat fee, while others charge 4 -12% of the rental income. If you crunch the numbers and find that it is financially feasible, hiring a property manager is truly the gift that keeps on giving. You’ll have the time, energy, and mental reserves to take on new challenges, investments, and opportunities!
If you are interested in hiring a property manager, contact Asheville Phoenix Properties today. We’re happy to answer all of your questions.