Maximize Your Rental Income: Work with the Right Property Manager
In order to enhance the value of your rental property, there is one thing that can help – working with the right property manager. This will provide you with the expertise of someone who can oversee and control your real estate investment, and also providing you with the guarantee of enjoying favorable yield. The right one can help you optimize your rental income while the wrong one can give you a nightmare.
The Most Important Role of a Property Manager
A property manager assumes different roles, but among others, the most important would be being able to make sure that the property is rented, providing you with continuous income from your investment.
While making sure that there will be renters, the property manager will also be responsible for managing the tenant mix. This means that the tenant must be carefully screened before they are accepted. They should not have felony records in order to promote safety. They should also have favorable credit standing to make sure that they will be able to settle payments accordingly and will not put the owners in a financial risk.
More so, to keep the occupancy rate full, the property manager should also see to it that the place is safe. Aside from the right mix of tenants, certain security features may also be added in order to provide renters with peace of mind regarding their safety. If the property is safe, there is a higher tendency that it will be fully rented.
Making It Easy for the Tenants
The right property manager will not only be focused towards working with you but also towards working with the tenants. They should make it easy for the latter to search for the property that is perfect for their needs. With these, the following are some of the things that are commonly done by property managers:
- Create signage or other forms of advertisement in order to promote a property
- Provide ease of accessibility by offering online applications
- Create flyers with relevant information that tenants are interested to know
- Welcome the tenants to the property and assign an on-site manager
Encouraging Owners to Improve their Property
Aesthetics will be instrumental in making tenants decide whether to rent a property or not. With this, the right property manager must be able to provide advice to owners on how they can make the necessary improvement, such as through the following:
- Repaint the house to make it look better
- Improve landscaping
- Repair the driveway or the parking if it looks dilapidated
- Replace old and malfunctioning locks, faucets, and fixtures, among others
- Change or improve flooring
Property Managers Act behind the Scene
The job of a property manager is never an easy undertaking. They do not only attract tenants, but they also perform a wide array of other functions, including, but not limited to, the following:
- Managing Budget: The property manager needs to work based on the allotted budget of the owner.
- Maintaining Records: They should keep a record of all income and expenses, as well as complaints from tenants, copies of lease contracts, and other important documents.
- Taxation: It is also their responsibility to assist the property owners in filing taxes properly and applying for possible deductions.
- Handling Evictions: If there is a tenant who does not make timely payments or someone who is a threat to others, the property manager will deal with an eviction.
- Law Abidance: It is also the responsibility of the property manager to make sure of compliance with all relevant laws.
- Accounting Systems and Reporting: From the expenses to the income, the property manager will be responsible for managing cash flow.
Qualities to Look for in a Property Manager
If you need a property manager, you will most likely be overwhelmed with the abundance of the options that are available. This, however, should not be an excuse for you to decide in haste. The following are some of the most important qualities that you should be looking for:
- Honesty: This is one of the most important things that will be indicative of a positive working relationship. For instance, if there are repairs that are needed, the property manager must be honest about the costs that are involved. Transparency is the key.
- Communication Skills: The property manager will have to work not only with the owner but also with the tenants and other relevant parties. They should be positive and friendly. They must be able to communicate in a manner that is concise and clear.
- The Sense of Urgency: This is important in situations wherein emergency response is needed. When tenants need assistance, the property manager must be able to act in a manner that is swift.
- Organization: Property managers will have to deal with multiple tenants at the same time. They need to accomplish different things within a specified period. They must be organized in order to do their job properly.
- Knowledgeable: It is important for property managers to be experts in their field. Legal knowledge is warranted to make sure that the owners will abide by the existing rules and regulations, which will also avoid owners from being fined in case of legal lapses.
Not a One-Person Job
While working with a property manager can indeed be beneficial in more ways than one, it should be emphasized that this is not possible with a single person alone. Property managers must have people who are available round-the-clock. They should be part of a property management company that will be able to come up with the right plan for the success of your investment. Their job will only be successful through collective effort.
The Best Choice for a Property Manager
By now, you are most probably wondering about who you should choose as a property manager. It is tempting to choose someone with the cheapest professional rates. At the end of the day, however, you should look beyond the price of their services. Working with a low-cost service provider can compromise quality. Consider a property manager as an investment, providing you with the guarantee of a steady stream of rental income. Choose someone who is an expert in such field, even if it requires the need to spend on your end.
Find rental values: www.rentometer.com
Screen Tenants: www.mysmartmove.com
Videos on being a landlord and real estate investing: ProsperityREIS YouTube