All That You Need to Know About Property Management
If you’re into the real estate business, it’s vital to set property management in place. The chances are that you have various properties for your rental business that it becomes quite hard for you to manage everything alone. You have to think about promoting your vacant units, getting quality tenants, maintaining the properties, handling tenant issues, and ensuring rental payments.
As there are many tasks to accomplish, the best course of action is to hire a property manager, as doing this strips off all your stress in managing your real estate assets and ensuring business profitability. In this article, we’ll delve into all that you need to know about residential property management and why hiring a manager makes a world of difference.
Property management in a nutshell
This is a practice where you give a third party all the responsibilities to maintain your properties and deal with your tenants. This means that you hire a manager to oversee your real estate assets’ daily operations and deal with tenants’ queries and concerns.
When to hire a property manager
Before we delve deeper into what an administrator does, let’s take a look at why you need to hire one. Here are several instances when you should hire extra help:
- You plan to acquire multiple rental properties, where it’s hard to manage all.
- You don’t live close to your real estate assets in terms of proximity.
- You are busy and preoccupied with other tasks that you need a manager to oversee daily operations and deal with tenant concerns.
- You aren’t sure about various aspects of property management.
- You want to boost your profit by hiring someone skilled at marketing and collecting rental payments.
- You need legal expertise in dealing with defaulters to avoid any legal implications.
What a property manager does
Now that you know why you need to hire a property manager, let’s dig deeper into what they do. Below are their key roles and responsibilities:
- Collect monthly rent payments from tenants or based on a contract agreement.
- Attend to tenants’ maintenance requests and address their concerns.
- Handle default tenants who are behind in their rent payments.
- Market properties to limit vacancies.
- Keep detailed records of everything happening with your properties.
Scope of property management
As we continue digging, here are the details about its scope and what to take note of:
- Marketing and getting tenants: Be sure to proactively market units before tenants leave to avoid any vacancy. While you’re at it, screen properly to get quality tenants who will pay on time and won’t make unnecessary issues.
- Rent collection: Always review the contract agreement to know the payment frequency and timeline. Be sure also to send notices or bills on time so that you’ll get timely payments in return.
- Bookkeeping and accounting: Keep track of your real estate finances and use tools and resources for accurate recording and proper accounting.
- Maintenance: Set a schedule for the regular upkeep of your properties. Be sure to orient tenants of property guidelines and their responsibilities. You also must always attend to their maintenance needs and concerns.
- Handling defaulters: Be well-acquainted with your state laws when it comes to dealing with defaulters. Make sure to negotiate and act with appropriate legal measures.
The benefits of hiring a property management firm
One of the biggest questions is: why is there a need to hire a property management firm? Below are some benefits you can take advantage of:
- Having less liability
- Ensuring quality tenants
- Minimizing property vacancy
- Lowering maintenance costs
- Increasing business profitability
At this point, we’ve covered all that you need to know about property management—what it is, what a manager does, why you need to get one, what its scope is, and what its benefits are. Be sure to consider all the valuable information discussed above, and you’ll be on the right track with hiring a property manager for your rental properties.
Are you looking for a property manager? We’ve got you covered! We’re the best property management company in Jacksonville, FL, with various services catering to all types of commercial and residential management. Whether planning to buy, sell, or manage a property, get in touch with us today to see how we can help!