Before you hire a property manager, you need to have a clear answer to the question, ‘What Do Property Managers Do?’
The question I’m going to answer today is, “What do property managers do?”
The first thing I want to talk about is there’s really four things that I think are important about the property manager.
#1 – Property Managers help with Leasing
Leasing your home, understanding how to lease your home, understanding how to market your home, most importantly understanding what a great tenant looks like.
I think a lot of times owners that to try to do it themselves will fall victim to tenants that tell them stories. This will lead them down a path and they end up feeling sorry for them, and they rent their home to the wrong person.
So marketing and leasing the home are some of the most important things we do. It is all about finding the right tenant and putting the right tenant in your house.
#2 – Property Managers Help With Accounting
I think a property manager should be really good at accounting and communication.
Obviously, we’re dealing with your money. Tenants are paying us rent and we’re paying you the money after that.
- Doing a good job of accounting for all the monies that are sent to us
- Making sure we hold the tenant accountable to paying the rent on time
- Making sure that they pay the right rent
These are all imperative skills a property manager should possess.
That also gets into communication, us communicating the accounting to you is very important. We have systems for doing that.
#3 – Property Managers Help With Tenant Management
Another area a property manager should be an expert in is tenant management. From managing the tenant to understanding landlord-tenant laws of the local state.
That’s a full-time job keeping up with because it’s constantly changing.
I always tell people just because you rent your house to somebody and don’t know a law exists, does not mean you don’t have to follow that law.
So understanding the state-specific landlord-tenant law is a huge thing property managers take care of for you.
#4 – Property Managers Help With Maintenance of your Home
Our team works on a lot of houses. We understand how houses break. Our maintenance department has a lot of internal vendors and we also understand what things cost to get fixed correctly.
And so those are the four things, the four things again are leasing accounting, tenant management, and maintenance.
I hope this was helpful in answering the question ‘What does a property manager do?’
I’m Matthew Whitaker with gkhouses.