For many people who own property, putting your home or condominium up for rent can be a difficult decision. It is often hard to leave a home you have lived in, put work into, and have invested significant amounts of money in someone else’s hands. Many owners do not want to deal with finding renters, collecting payments, and maintaining the property, so they often turn to a professional property manager to handle the tasks.
Property managers often act as a representative of the landlord and will usually handle items like:
o Advertising the property for rent.
o Processing rental applications and performing the necessary background checks.
o Setting rental rules and guidelines.
o Collecting rent payments and dealing with payment issues.
o Enforcing restrictions and dealing with violations.
o Maintaining the property and handling service requests.
Experienced property managers can help alleviate the pressures faced by many property owners, especially if the owners move far away from the home to be rented. In the owner’s absence, rent will still be collected, issues dealt with, and the property will be maintained. Oftentimes, the major drawbacks to appointing a property manager are the fees that are typically charged for the service.
When appointing a property manager, property owners should:
o Research the individual’s credentials before entering any financial agreement.
o Consider using professional companies that handle property management exclusively.
o Review fees and charges associated with the service to make sure they fit your budget and expectations.
o Set reasonable ground-rules and expectations for tenants that the property manager can enforce.
o Research the individual or companies’ management history, paying special attention to their maintenance records.
o Be sure to use someone you trust. They are going to be taking care of your property and will usually be dealing with money, so make sure the person is someone you want dealing with your assets.
Property management companies and individuals can be of great help to property owners who are too busy or too far away to deal with the management of their real estate assets. It is important to do adequate research before choosing anyone to manage your property. For more information on property management visit Clan Gordon