Owning rental property can be a great way to earn extra income. But it comes with many financial and maintenance responsibilities that can be difficult to manage, especially if you’re out of town or have another full-time job. Hiring a professional property manager can help you keep your passive income flowing and avoid the pitfalls of being a landlord.
Property management companies handle the daily operation of an investment property for their clients. This can include everything from marketing a vacant property to screening tenants and collecting rent checks. It also includes managing tenant relations, conducting inspections and repairs, maintaining records and reporting to clients on monthly income and expenditures. It can be a lucrative career for those who are willing to put in the time and effort to work at it.
Many property managers also act as a liaison between the owner of the property and the local community. This is particularly helpful for investors who are out of state or don’t have the time to stay on top of local laws and regulations. For example, some states have specific requirements for how much a security deposit can be charged, and if an investor doesn’t know the area well they could run afoul of these rules and end up with a costly legal problem on their hands.
Screening and finding good tenants is a crucial part of property management, and it’s one that can make or break a landlord’s bottom line. It’s important to find reliable tenants who will look after the property, pay their rent on time and not create any legal issues for the owners of the property. Property managers are well equipped to deal with the rigours of tenant screening and can often save landlords money by not having to pay for a costly vacancy.
Tenant maintenance calls are an inevitable part of property ownership, and dealing with them can be a major headache for landlords. It can be difficult to find contractors who are available at short notice and who will charge reasonable rates. Property managers are used to handling these calls and will be able to source them quickly and efficiently. They can also give advice on how to minimize maintenance issues in the future.
As with any type of business, there are some property managers who are more trustworthy than others. If you are considering working as a property manager, it’s important to research the company you are thinking of working for and speak to current and former employees to get an idea of what it’s like to work there. You should also consider seeking out referrals from trusted real estate agents in your area. They may hear about new jobs before they even hit the job boards and can help you find the right fit. You can also check out online job boards and career resources to see what positions are currently available. Finally, don’t be afraid to set up informational interviews with real estate agents in your area and try your hand at networking — this is a great way to meet people in the industry and get your name out there.