A professional property manager can handle the day-to-day needs of your rental property. They can help by minimizing vacancies, minimizing expenses and maximizing income. Rental property managers handle the marketing of your property and screen for the best possible tenants to fill your vacancies. They can coordinate routine and emergency repairs, handle trash removal, and handle security, grounds keeping, and janitorial contracts and list goes on and on. Property managers solicit bids from prospective vendors and recommend an appropriate vendor to the property owner, or landlord. Property managers handle rental agreements, collect rent, and respond to requests from tenants and other housing authorities – not to mention stay current on all the changing industry-specific laws.
Property managers might also be called real estate managers or asset managers since they help property owners to optimize an important investment. They are familiar with local, state, and federal laws. They perform background checks to prevent bad tenants from renting your property and can help you evict a problem tenant if needed. Property managers handle payables, making sure that rent is collected, insurance premiums are paid, and that mortgages, taxes, and payroll bills are taken care of. Usually, a property manager is located near your property, so they are available to show your property to potential tenants. This is an advantage if you are no longer living in the area. An effective local property manager is proactive, identifying problems and correcting them before they impact your bottom line.