Owning a rental can be a great investment, but the day-to-day work adds up quickly, and not all owners have time for it. Showings, tenant screening, maintenance calls, and rent collection can quickly become a second job, whether you want it or not. That said, hiring a great property manager can help you accomplish these tasks efficiently, saving you time and money. Read along as we review what property managers do and whether or not hiring management is right for you.
Contents of This Article:
- What Does a Property Manager Do?
- What Makes a Good Property Manager?
- Should You Hire Property Management?
- How to Choose the Right Manager for You
What Does a Property Manager Do?
A property manager is the person (or company) responsible for handling the day-to-day operations of a rental property on the owner’s behalf.
In other words, they keep the property running smoothly, keep tenants happy, and protect the owner’s investment–without the owner having to manage everything themselves.
The exact responsibilities usually vary depending on the company and the type of management they specialize in. However, some of the main responsibilities of our rental property management company in Northern Virginia include the following.
- Market the property and fill vacancies
- Screen tenants and place qualified renters
- Handle leasing and renewals
- Act as the main point of contact
- Coordinate maintenance and repairs
- Provide 24/7 emergency support
- Perform inspections and document property condition
- Collect rent and manage payments
- Manage finances and reporting
What Makes a Good Property Manager?
Not all property managers are created equal. Some handle just the basics, like collecting rent, scheduling maintenance, or listing properties. However, a great property manager goes above and beyond. Not only do they protect your investment and reduce stress by taking over management tasks, but they also ensure your tenants are satisfied and help your rental perform better over time.
So, what exactly separates a “just okay” property manager from a great one? Here are a few qualities to look for.
Organized and Detail-Oriented
A well-organized property manager is a great one. Whether it’s lease documents, move-in reports, maintenance records, or payment histories, there are tons of moving pieces. That said, it’s important to have someone on your team who has strong systems in place and doesn’t let important tasks slip through the cracks.
Proactive Approach to Management
Good property managers don’t wait until the last minute or until there’s a dire emergency. Instead, they stay ahead of maintenance, keep an eye on your property, and address issues early on. With that, a great property manager has reliable vendors, negotiates for the right price, and keeps repairs moving, ensuring everything’s done correctly.
Clear Communication Skills
Communication is a huge deal in property management. A great property manager keeps you updated on your properties without overwhelming you with notifications. Beyond that, they stay in touch with tenants to ensure their needs are met, whether it be maintenance or lease questions, all in a timely manner.
Understanding the Local Market
Knowing how to navigate the local real estate market is a crucial part of property management.
Your property manager should know how to price a rental competitively, which features renters care most about, and how to market your rental so that it aligns with the competition.
Thorough Tenant Screening
Tenant screening can make or break a rental experience. That said, a great property manager follows a thorough, consistent screening process, verifies each applicant carefully, and looks for red flags. With that, they should be well-versed in fair housing laws and keep them in mind throughout the entire screening process.
Compliant and Reduces Legal Risk
Rental laws and fair housing rules are not something you can guess your way through. A good property manager understands the regulations that apply to your area and makes sure that all notices, leases, deposits, and procedures are handled correctly.
Should You Hire Property Management?
If you’re debating whether property management is worth it for you, you’re not alone. So many rental owners start out self-managing because it seems simple enough. However, once you start getting late-night maintenance calls, endless lease questions, tenant issues, and more, you realize why hiring management is so crucial.
Honestly, hiring a property manager isn’t just for big investors with hundreds of properties; it can also make sense for a single rental, too. Here are some signs that it might be the right move for you.
- You don’t have the time or desire to handle the day-to-day tasks.
- Your rental is too far away, and scheduling showings, inspections, and maintenance is too difficult.
- Tenant screening is too challenging, and you don’t know which red flags to look for.
- You’re dealing with frequent maintenance issues and don’t have time to coordinate repairs.
- You’re not well-versed in legal aspects and want to minimize risk.
- You want to buy more rentals to scale your business, and can’t self-manage them anymore.
How to Choose the Right Manager for You
If you’re looking for a great property manager, it’s important to know what services you need for your rentals. Whether it’s marketing services, maintenance coordination, tenant relations, or payment collection, finding a property manager who meets your needs is crucial.
Professional Property Management in Northern Virginia can help you with any task you may need. Contact us today to learn more about our comprehensive rental management services.