According to Deep Creek Times, the rental vacancy rate in Maryland is 8.5%; the 12th highest in the U.S.
In a tough market with a lot of vacant homes, you might face some difficulty with your rental properties. You need to have a reliable approach, and it can be difficult to handle things alone. Working with a professional property manager is often the best way to go.
So what is a property manager, and why should you hire one? Keep reading to find out.
What Is a Property Manager?
A property manager is a trained professional who can provide a range of landlord services. These center around the daily operations of an investment property. An investor would hire a property manager to oversee various tasks that are required for a smooth-running real estate business.
Roles and Responsibilities of a Property Manager
A property owner can typically specify what exact services they want from a property manager. Some of the key property management duties they can deal with include:
Property Marketing
One of the first property manager responsibilities most investors seek out is marketing. A property manager can create and optimize listings that appeal to renters making it easier for landlords to secure tenants.
Tenant Screening
A property manager can screen applicants to narrow down those who are interested. This helps landlords select high-quality tenants who are less likely to cause issues with their properties in the future.
Property Maintenance
It's vital to keep properties in good shape so they don't lose value and tenants remain happy. Property managers can:
- Create routine maintenance schedules
- Perform regular inspections
- Organize major repairs or maintenance work
Routine maintenance will help prevent major issues from arising. If anything unexpected occurs, your property manager will be able to contact a suitable contractor and get them in to carry out any work in good time.
Rent Collection
Plenty of landlords have issues with rent collection. Some tenants can simply be forgetful, while others will deliberately not pay rent. This can cause cash flow issues for you.
A property manager can take care of rent collection. If there are any issues with tenants not paying, they can take suitable action, which may go as far as evicting tenants in bad cases.
Accounting
Handling finances in real estate can be very complicated. It's best to leave this to an experienced professional. They'll be less likely to make mistakes and can determine if there are areas where you could be more efficient, potentially leading to an improved return on investment (ROI).
Other Duties
The above are some key duties a property manager can handle. However, there are several other tasks they can help with, such as:
- Tenant relations
- Legal compliance
- Staff management
- Budgeting
- Lease drafting
- Lease renewals
- Rental valuations
You can always discuss your needs with a property management company to ensure you're getting the services you need.
Working With a Reliable Property Manager
Now you're no longer asking "What is a property manager?" and may be ready to hire one.
PMI Chevy Chase is a full-service real estate management company serving Chevy Chase and the surrounding communities. We make use of cutting-edge technology to ensure our clients get the best service available. Take a look at our property management page to find out more.
