Property managers take the stress out of owning rental properties. Although the income is terrific, quite a few nuisances come with being a property owner. These can all be neatly avoided by hiring a good property manager.
The best place to find a property manager is by advertising locally, either in print or online. Look for someone who’s had experience as a property manager. Check their credit history since they’ll probably be handing checks for you. If they have nothing to hide, they shouldn’t mind. Ask for references, too. Ask their references about substance abuse and stability issues.
If you have a multiple unit apartment building, you may want a live-in property manager. That gives you a pair of eyes on-site to protect your property. Usually you can get someone to manage for a discount on his or her own rent. If you have a few properties in one location, you may want to hire separate managers or just use one for all your rentals.
Your property manager is a business interface between you and your renters, so make sure your manager knows how to handle business. They can be lenient, but not a pushover. They have to be firm when it’s time and they must be willing to evict a friend.
A property manager who has handyman skills is worth a larger rent reduction. A good property manager can save you plenty of money by making small repairs around the property. They can also prepare and show empty apartments, saving you time and travel.
Property managers deflect much of the unpleasantness of owning rental properties by fielding tenant complaints, screening new applicants, and collecting the monthly rent. A good property manager is probably worth more than you’re paying for their service. However, what you’re really paying for when you hire a property manager is peace of mind.
