Paperwork Problems: Understanding Home Purchase Forms

« Back to Home

Have Rentals But Dislike The Renters? Get A Property Manager

Posted on

If you purchased a rental property or if you have rental properties already and you don't want to be the person who handles the management duties, it may be time to get some help. A property manager will work for a fee, but is a worthy investment and cost if you don't want to deal with the tenants that live in your properties, or if you don't have time to manage the properties every day. Here are some of the things that you can do when you hire a property manager.

Avoid Direction Communication

The relationship between landlord and tenants can often be strained or wearing. If you don't want to deal with your leasers directly, the property manager can be the only source of contact for your renters, and then you don't have to make contact. This means you don't have to hound them for rent, answer their late night phone calls about problems with the property, or worry about them coming directly at you if there are any issues.

Assign Administrative Duties

There is a lot of administrative work associated with renting out properties. Find a property manager that can do these things:

  • Check credit reports and application information
  • Do billing
  • Arrange repair and maintenance professionals
  • Show the properties

These are just some of the things that you will want the property manager to do, and you may have other tasks based on your location or the type of properties that you have.

Get Property Reports

You can have the managers prepare property reports to let you know the condition of each property, what the rental income on the property is, what needs to be done to the property, and any other information that is relevant to the property. This allows you to scan what is going on with your rentals monthly with ease.

If dealing with the tenants and all the things that come up isn't a part of what you were interested in when you purchased a real estate rental property, and instead you want to work your other job, travel, or deal with other things, then you want to hire a property manager. There are a lot of different management professionals and companies, so you want to meet with a few of them and talk about the things that you expect to be completed as a manager, and then what the cost will be for the services.