When needing your properties to be sold, finding the right real estate agent is very important. This will determine the success of the over-all transaction. You sure want to make the most out of the deal, right?
Homeownership rates are at a 50 year low. While that might seem like a scary statistic, for the landlord that means that the rental market is on the rise. You could attempt to face this market on your own, or you could hire a property manager. Now, you might be asking yourself: what does a property manager do?
Between 2005 and 2015, renter households increased by 9 million.
Along with the increase in rentals comes an increase in rental issues. Are you prepared to deal with high turnover rates, late rent payments, legal trouble, the excessive stress, frequent evictions, and the immense organization required to own a rental property on your own? At the least, you can expect to spend four hours a week maintaining a rental property, but that’s a bare minimum on a property with an ideal tenant.
If this all sounds a little daunting to you, finding a property manager should be your next step.
What is a Property Manager?
A property manager is an agency in charge of operating a real estate property for a fee. This could be a single person or a group of people who act on a homeowner’s behalf.
Maybe you’re a long distance homeowner and you can’t be there personally to oversee the many time and sanity consuming jobs that your rental properties need. Or, maybe you just aren’t interested in managing the whole thing on your own.
A property manager does a wide scope of things. They do the obvious, like advertise for tenants. They vet the various candidates to increase the chances that your property goes to the right people. They also organize maintenance and deal with the everyday problems tenants face.
But that’s not all they do.
They handle leases and move-outs. They inspect the unit and figure out what portion of the security deposit to return when a tenant leaves. They also clean and repair the unit.
Property managers deal with issues between tenants, they enforce the lease, and they aren’t afraid to be the ‘bad guy’ when necessary.
One of the most useful things property managers do is handle the legal side of things. The eviction process is lengthy and expensive, often leaving a property without a tenant for a minimum of four months. A property manager is there to handle that process and make it easier on the homeowner.
Property managers also supervise. Being an employer is difficult, and they’re not afraid to take this on themselves. The property manager handles any personnel required for your property.
Property managers deal with the recordkeeping. They manage the budget and all records. They also deal with taxes and are great tools to help you file taxes the right way.
Closing the Door
What does a property manager do? Everything. A lot of new investment property owners think they can save themselves the money it costs to hire a property manager, but this can be a losing game.
Property managers are invaluable resources. They make a property owner’s life easier and are absolutely worth the investment.
But finding one can be a difficult process. Contact us by phone or email and we will happily help you find the right person for you. We’re here to help!
The vacation rental market used to be a small cottage industry, relatively speaking. If you wanted to rent a vacation home for a certain period of time, you either had to be uber-rich or get a time-share.
Recently though, with the creation of sites like Air B&B and Trip Advisor, the industry exploded. In 2008, the industry was worth $24.3 billion, but by 2019, it is expected to reach over $169 billion.
It’s clearly become a very lucrative business. If you own a property, and you’d like to get some skin in the game, you’ll need to know the ins-and-outs of vacation rental property management.
What You Need To Know About Vacation Rental Property Management
In order to make your property attractive to prospective renters, you need the home and the grounds to be in tip-top shape. Thanks to Air B&B and other sites the rental market has gotten very competitive and you need to stand out.
Here’s what you should know about properly maintaining a vacation rental.
You’ll Need A Property Manager
If the property you’re renting out is your second-home or even one of many properties you own, you’ll understand that you probably won’t have time to maintain the property on your own.
It’s hard enough staying on top of all the tasks you need to handle when it comes to your own home, managing your vacation property from potentially thousands of miles away is a non-starter.
So get a property manager that can do all the annoying legwork on your behalf.
You’ll Want A Well-Connected Property Manager
A property manager isn’t just some guy that comes around every once in a while to cut the grass. He needs to be able to manage all of the tasks required to maintain a house.
This means your property manager should have knowledge of all the best housecleaning, lawn, repair and other services in the area and be able to coordinate with them to make sure your home is in pristine condition.
Give Your Property Manager A Budget
Your property manager isn’t just responsible for the obvious maintenance requirements and common issues, but more minute ones as well. Your guests shouldn’t have to worry about the house being stocked with basic items like garbage bags, toilet paper, paper towels, and things of that nature.
You should speak with your property manager about what you want to have stocked and available in your home at all times. You might want to even consider giving the manager control over a bank account with money specifically for managing that property.
Ready To Rent?
Once you’ve got your vacation rental property management services in order, you’ll be ready to join this rapidly growing industry. A piece of that $169 billion pie is yours for the taking.
Using the internet as a way to get our various needs has been growing very common nowadays. When it comes to real estate property sector, this is also not new. Through the website of efindagent.com you will be able to find the agent that will be most suitable based on your needs.