Rental properties are some of the safest investment vehicles, but they also require the most time and attention. From screening tenants and collecting rents to maintaining the property, there are many responsibilities to cover to ensure success. With all the duties involved, it’s not surprising that many turn to property managers for help.
A Great Help
Property managers can be of great help, especially if you don’t have the time needed to manage your rental properties. They can assume all responsibilities, from advertising empty units to dealing with maintenance issues. Hiring property managers, however, isn’t for everyone. They’re only ideal for owners of bigger rental complexes who need extra help managing their properties.
If you plan to hire a rental property manager, it’s important to understand what they will—and won’t—do for you. Property managers screen tenants, advertise vacancies, collect deposit and rental fees, renew leases, and facilitate standard upkeep and repair. They also handle disputes from tenants, file appropriate documents for eviction, and prepare reports of income and expenses for you to review.
One thing managers won’t do is take over liabilities. You’ll only be the one responsible for whatever happens to and within the grounds of your property. This is why it’s important to insure your investment and carry at least $200,000-300,000 in umbrella liability insurance.
Hiring Property Managers
As with other professional services, you need to do your homework when hiring property managers. Plenty of research and screening needs to be done to protect your investment and to find the ideal person or company to leave your property with.
Experts recommend asking for references who can vouch for a candidate’s services. Call past clients and ask how their properties were maintained, how the company or person deals with tenants, and promptness regarding responses to requests. Look for those licensed by the state and have properties of their own, as they more likely know more about ownership.
If you need help managing your rental property, contact us. We’ll handle your investment like our own.