Not everyone who owns a property and has it rented out wants to manage one. There are a lot of things going on managing a property. You could be dealing with non-paying tenants, getting phone calls straight from an angry tenant, and a lot more. Now, if you do happen to be one of the many landlords who does not want to deal with all this kind of stuff, then hiring a property manager will be ideal for you. Yes, having someone to manage your property can save you from all the hassle and stress. All you need is sit back and relax and wait for the money to come in. How’s that for a change?
Here are the things you need to know about property management:
- Experience is the key.
When you do hire someone to do property management for you, be sure he or she has years of experience. You want to be dealing with a professional who does know how to handle things especially when the going gets tough. It takes a lot of experience on how to handle complaints from angry tenants as well as non-paying tenants.
- Communication skill.
Remember, the manager serves as your buffer between you and the tenant. Thus, you need to have someone who knows how to relay the information in such a way that it is fully understood by the tenant and vice versa. Whatever your need or the need of the tenant is, he or she will be able to communicate it.
- Work independently.
It means the property manager does know how to do the job properly. He or she will only check with the property owner only when there are major repairs or if there are any legal issues at all. In this way, you will not go to face with the manager every single day and talk things out, etc. The very reason you are hiring such person is to lessen the burden out of you of managing the property and not be an additional burden to you.
There you have it three things you need to know about hiring someone to manage your property. Of course, you would always want to deal with someone who can make life a lot easier on your part as a landlord. Thus, you need to be very picky on choosing which one to go for. You could always check various property management companies located within the area where your property is situated. Better yet, start looking around over the net. There are a number of them offering such services to landlords like you.
You would want someone who can do the job professionally, who can work independently and can serve as a good buffer between you and your tenant. Also, be prepared to pay the property manager around 8 to 12 percent out of the monthly rental plus expenses. However, there are other companies out there who do offer a flat rate for instance hundred bucks per month.