A property manager is a professional who specializes in the management of rental properties and can provide a range of services that are useful to real estate investors. Here are some of the key services provided by a property manager, and why each is useful to a real estate investor.
Marketing and Advertising
Marketing and advertising are two of the primary services provided by a property manager and are essential to attracting new tenants and keeping vacancy rates low. A property manager can use a range of marketing and advertising tools, including online listings, newspaper and magazine ads, signs, and brochures, to reach potential tenants.
Promoting a property can be especially useful for real estate investors who do not have the time or resources to devote to marketing and advertising themselves, and who want to ensure that their property is seen by as many potential tenants as possible.
Tenant screening is another major service provided by a property manager because it's essential to ensure that the right tenants are selected for the property. A property manager can use a range of tools, including background checks, credit checks, and rental history verification, to screen potential tenants and determine their suitability for the property.
Rent collection is necessary to ensure that rent is collected promptly and efficiently, even if tenants delay or forget a payment. A property manager can handle the collection of rent on behalf of the real estate investor and can enforce late payment policies if necessary.
Maintenance and Repairs
Maintenance and repairs aren't necessarily performed by a property manager, but they're arranged by one. The work is, of course, essential to maintaining a property as tenants want it to be.
A property manager can handle routine maintenance tasks, such as lawn care, cleaning, and snow removal, as well as emergency repairs, such as plumbing and electrical issues. This can be especially useful for real estate investors who do not have the time or resources to handle maintenance and repair calls themselves.
Legal compliance is an often overlooked service provided by a property manager and is essential to ensuring that the property is operated in compliance with all relevant laws and regulations.
A property manager can help real estate investors understand and comply with local, state, and federal laws and regulations, including fair housing laws, health and safety codes, and tax laws. They'll know how to operate a rental business above board.
Contact a local property management service to learn more.