Do you have multiple rental properties demanding time and attention? Are you too busy to spend time with your family, or to find new investments?
It’s a good problem to have, but a problem nonetheless.
Once you reach a certain point, the best way to take back your time is to hire a property manager to take over the day to day tasks of owning rentals.
It can be scary, though, to hand control of your investments over to a stranger. It’s crucial to understand what the whole spectrum of property manager duties and responsibilities are before you hire one.
If you are considering hiring a property management company, make sure they can handle the following tasks.
Basic Property Manager Duties and Responsibilities
Property management companies are meant to make your life easier. Their goal should be to handle every time-consuming task related to your rentals so that you hardly have to think about them.
Here are just a few of those time-consuming tasks they should be performing.
It happens every month at the same time. Yet, somehow, tenants still manage to forget, or neglect, paying rent.
As an investor, you don’t have time or energy to spend collecting rent payments. A good property manager is experienced with every type of tenant and will be far better at collecting rent than you are.
Unless you are extremely handy, property maintenance is likely your least favorite part of owning rentals.
Things break, and somehow they always break at night. Your tenants need someone to call. That someone could be you, while you are out to dinner with your family.
Or it can be your property management company, who is paid to field these calls and schedule maintenance.
Say goodbye to fixing toilets.
Finding New Tenants
Another extremely time-consuming task is finding new tenants each time there is a vacancy.
Good property managers anticipate this and find new tenants before your rental is empty. This way, you never miss a rent check.
They have an extensive local network that makes it much easier for them to list your property and find interested tenants quickly.
They take care of applications and showings. They run background checks and properly screen and vet candidates. And they make sure you only have the highest-quality tenants living in your property.
Having higher-quality tenants means your property will be taken care of and last much longer, saving you money over the long-term.
You Can’t do it all Yourself
When you have one or two rental properties, it makes sense to manage them yourself for a while to understand the process.
But if your goal is to keep growing your portfolio, you need to spend your time finding new properties and making deals.
Now that you understand the set of property manager duties and responsibilities, you can let them manage your units while you focus on investing.
No more sorting through tenant applications, running background checks, and fixing leaky faucets. Otherwise, you’ll never have the time needed to reach your investment goals.
Do your due diligence and find the best property management company you can find and your life will be far more enjoyable.