Before someone becomes a landlord, it's hard to imagine the amount of time and energy that goes into managing a property. For most people, property management seems like an easy side job. You just collect rent right?
Wrong. A real estate property manager does so much more than just collect money. Of course he or she will do the nitty gritty financial tasks like paying bills & taxes and collecting rent & utilities. But they aren't just managing properties, they're also managing people. Each property you rent out, you rent to people and people usually have problems or cause problems. If you don't want to be the person getting a phone call at 3 AM when one of your tenants in locked out, then you should really consider property management services.
They Maintain Relationships
Property managers also develop and maintain relationships. Your property might need to develop relationships with locksmiths, animal wildlife control, and pest control specialists. Better relationships with the small businesses that you work with usually result in lower prices. A manager will help you find the best contractors with experience in maintaining commercial buildings.
If you own an apartment building, your property manager will also have to develop relationships with your tenants to ensure happy customers. Unfortunately for your landlord, this means being on call and taking a lot of complaints. In your building, neighbors will also develop relationships with each other, which inevitably evolves into the occasional conflict. Seasoned community managers should be great at resolving disputes and generally creating a welcoming and open atmosphere at your property.
They Teach Management Skills
If you're new to the real estate game, your property manager could be an invaluable asset to learning the ropes. An experienced property manager should know all the tricks to the trade including how to get the highest rent and pick the most reliable tenants. They also probably come with lots of local relationships and connections.
They Take Care of Business
The reason property managers go under appreciated is because a good manager works so seamlessly, you probably don't even notice him or her. However, picking the wrong property manager can be disastrous for your business. Keep in mind that your tenants will deal with their landlord more frequently than they will do business with you, so your choice in property manager should reflect yourself. With all things in life, you get what you pay for, so if you're paying for subpar property management services, it may just reflect badly on you.
If you are purchasing property out of town, are new in the game, or don't want to be your tenants' primary contact, you should seriously consider community management services.