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How can a property manager help you, and what do they do

PMI Accelerate - Monday, October 26, 2020

Have you ever thought about how a property manager job looks like, and what exactly does a property manager do?

While the phrase "property manager" could sound very self-explaining, not everybody knows exactly what a property manager does. 

Since there usually is confusion about this job, we have decided to write an article to help you gain general awareness about this topic.

Without further ado, here is a why should you consider hiring a property manager:

Why should anyone get a property manager?

 property manager's job description, we first have to answer an even more important question. 

Why should you consider hiring a property manager?

The answer is simple and straightforward: Outsourcing. 

When you own many investment properties, you need somebody to take care of them. Whether it's finding a contractor for a specific type of minor renovation or showing the properties to potential tenants, all of these, along with other activities, take time. 

So to address the common question: "Should I hire a property manager?" we say that it depends on your current situation.

If your portfolio consists of so many rental properties that you don’t have time to manage all of them, then you need a property manager. 

Maybe you are in a situation where you theoretically could manage all your properties, but you want to outsource the activity to have more time for your family or hobbies.

The bottom line is: If you own a significant portfolio, It makes much more sense to spend your time planning future investments or simply spending your precious time with family and friends rather than finding a contractor for the renovation of one of your units. 

What skills should my property manager have?

Your property manager should possess many if not all, of these skills:

  • Communication and negotiation skills
  • Planning and organization
  • High work ethic
  • Data collection and management
  • Rich knowledge about real estate

What are the actual responsibilities of a property on a daily basis?

Property managers are responsible for the overall management of the assigned properties.

Such management consists of different aspects:

Property maintenance and repairs 

Your property manager is also responsible for the overall property maintenance. This means your property manager will ensure that your property is in the best condition possible.

Rent management 

This means that a property manager will do enough market research to set the right rent level to attract tenants to your property. Your property manager will also set up a system for collecting rent. 

Administrative work

Administrative work is one of the most difficult and time-consuming activities you can spend your time doing while owning rental properties. By hiring a property manager, you can pass on this responsibility and have more free time to work on different projects. 

The administrative work consists of: ensuring compliance with relevant laws and regulations, completing paperwork with new tenants, or collecting security deposits.

Conclusion

Those were the essential skills a property manager should possess. After reading our article, we believe you have all the necessary awareness about the property manager's job description; thus, You can decide correctly whether you should or shouldn't hire a property manager.

If you have any further questions, feel free to contact us.


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