Real Estate Investors
Make Your Property Manager Your BFF
I’ve talked about the necessity for having good real estate agents on your team. Another important asset to this team is the property manager. Once you’ve found good real estate agents who find properties for you to buy, you need to have a good property manager to manage the property. This person is responsible for a multitude of things, including the selling, leasing, transferring and operation of the property, and make sure all transactions go smoothly. They also oversee and manage any employees associated in the caretaking of the property. This includes leasing agents, maintenance workers and more. The property manager will oversee the work that these individuals do, address any complaints or concerns issued by the employees and take care of payroll for such employees.
If your property is to be leased by tenants, it’s the property manager’s responsibility to market the property effectively, show the property to prospective tenants, qualify prospective tenants, and complete the lease agreements. It is also the property manager’s responsibility to make sure rules and regulations of the lease agreement are followed.
Property managers must keep abreast of zoning regulations, tenant and federal laws, tax information, and property values. And keep records of all documents in an orderly manner.
When choosing a property manager, look for those who are proactive. Since the property manager is the liaison between the tenants and you, he or she should be someone who can ensure that all parties are happy. Look for someone who is sociable, who easily communicates with you and the tenants, who inspects the property frequently to make sure everything is running smoothly. If problems do arise, the property manager is the person tenants will seek out for solutions. A pleasant person is more likely to appeal to tenants.
Good organization skills are another type of positive trait which property managers should possess. A property manager who is organized is one who will be able to complete their tasks more effectively and efficiently in the long run.
With a good property manager, you, as the real estate investor, will be able to spend your time doing the investing in properties, rather than taking on the task of the day-to-day operation of the property.