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property management responsibilities

More than a third of U.S. households were renters in 2016. Even up to now, 77 of the 100 biggest cities in the country still see a rise in rents, both in rates and number of tenants.

No wonder then that renters shelled out a whopping $485.6 billion in 2017!

As a property owner, this should be enough to make you want to rent out your property. But what if the property you want to rent is too far from you? Or you have a lot of properties and can’t deal with them all by yourself?

This is where property management responsibilities come into play.

You may have heard of property managers as rent collectors or tenant managers. But their duties go beyond that.

So, before you hire a rental property manager, it’s best you know what these are. We’ve rounded up five of the most important.

1. Setting the Right Rental Rate

Collecting rent, check. Determining the right rental rate – that’s a given.

That’s right. The duties of a property manager extend to setting and adjusting rental rates.

Remember, cities across the nation have a varying cost of living. That includes housing, which includes rental rates.

As such, you can’t charge the average $3,000 they do for a one-bedroom unit in NYC for a similar one in Kansas City. If you do, you’ll scare away most, if not all potential tenants.

That’s why the duties of a property manager include setting the right rental rate. They know the market of your property’s location inside out. They know how much comparable properties nearby cost.

They then use this to come up with an attractive rental price that will still make you profits.

2. Making Appropriate Rental Rate Adjustments

If rent went up in 77 large cities, the opposite happened to seven of the 25 biggest ones. Baltimore, Chicago, and Pittsburgh are to name a few.

Your property needs to stay competitive, so you need to adjust according to these changes. A property manager takes responsibility for this.

Don’t worry though. If rental rates go up, then your manager can also make the appropriate increase to your rental rate.

Always keep in mind that there are laws surrounding these changes. Unless you’re an experienced property manager yourself, you may not know what these are. As such, it’s best you let the pros handle these adjustments.

3. Dealing with Move Outs

Let’s face it. Not all renters stay renters throughout their lifetime. That means your tenant may also move out in the future.

So, who’s responsible for handling such instances? Your property manager.

Your manager will first inspect the unit to make sure no tenant-caused damages exist. He/she will also determine how much of the security deposit to give back the tenant. After the move-out, he/she will clean the unit, have existing damages repaired, and look for a new renter.

4. Maintain Your Property

Maintaining your property is important whether it’s still in the market or already has occupants.

Your manager will either do this on his/her own or hire another professional. Such tasks include pest extermination, trash removal, and checking for plumbing or roof leaks among many others.

5. Have Repairs Done ASAP

All those potential calls at 3 AM from tenants with leaking roofs or plumbing pipes? These will go to your property manager. It’s their responsibility to address property damages and problems, after all.

They can either do the repairs on their own or hire a professional to do it. This is a cinch for the most reliable property managers since they have connections to other service providers. These include plumbers, electricians, as well as HVAC and roof contractors.

Outsource these Property Management Responsibilities to a Pro

Keep in mind that in the U.S., tenancy turnover rate averages at 50%. Although it’s not always due to tenant-landlord disputes, you still want to bring that rate down as much as possible. That’s why you should consider letting an expert carry out all these property management responsibilities.

With a dependable and experienced property manager, you can rest assured your tenants will remain happy. Because they’re happy, they’ll have fewer, even no reason to move out.

Ready to make your property even more attractive to renters? If so, then let us help! Connect with us now and we’ll be more than happy to address your landlord concerns.

rental property expenses

Are you thinking about getting into the rental business? Do you see people you know making money just by renting out a few properties?

Go into property management with the intention of making a profit. It is important to keep your emotions out of the decision-making regarding the purchase of an investment property.

Sometimes it looks like a really easy way to make money. And it can be if it is done right.

If you are considering buying rental properties, the first thing you need to consider is the expenses beyond the mortgage. Let’s take a look at how to estimate your rental property expenses.

How to Estimate Your Rental Property Expenses

Before purchasing any rental property, you have to estimate your expenses. Even if you own several properties, you can’t expect the costs to be the same across the board.

Differing locations incur different costs with regard to taxes, insurance, repair costs, etc., especially when looking at vacation rentals vs. straight year leases.

Expected Expenses Beyond the Mortgage

  • Maintenance Costs
  • Home Owners’ Association Fees
  • Insurance
  • Property Taxes
  • Property Management Fees
  • Other Expenses

Let’s take a look at each one of these.

Maintenance Costs

Maintenance costs include necessary repairs, cleaning, and yard maintenance. Repair costs are difficult to calculate because they are unpredictable.

One month you may have to replace a refrigerator. The next month you may have no repairs.

Your estimated repair budget will be around 1-5% of the property’s value.

Home Owners’ Association Fees

HOA fees will be disclosed in the property listing. What’s important to remember though, is these are likely to increase over time.

You would be wise to look at the pattern and frequency of changes in HOA fees in the past so you can plan for that.

Insurance

Your insurance agent can give you an idea of what the homeowners’ insurance will be on a particular property.

Depending on the location of the property, additional insurance may be necessary. Flood and earthquake coverage are two such examples.

Property Taxes

A property listing will usually include the property taxes that the current homeowner is paying.

That doesn’t always mean that is what you will pay. Check with the county assessor’s office to get the exact amount.

Property Management Fees

Whether you hire a management company or decide to manage it yourself, there are costs associated with managing a rental property.

Typically management companies will charge a percentage of the monthly rent payment and a fee every time they rent each unit.

You can be safe in calculating the annual fees to be 1-2% more than what they take from the monthly rent cost.

Other Expenses

These expenses include garbage, electricity, special assessments (typical with condos or other planned HOA communities), and vacancy.

Quick Calculation of Rental Property Expenses

One general rule rental property owners use is that rental property expenses will be half of what you collect in rent each month. That 50% does NOT include your mortgage payment.

If you want to be successful in investing in rental properties, you need to accurately calculate these expenses. Contact us to help.

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