A property manager has to be a jack of all trades and a master of many. Today, we are going to give you a look at what exactly a property manager does.
Property managers must act professionally. It’s important to make decisions based on facts and not emotions. Emotional decisions will only cost you time and money, and sometimes property owners are too emotionally attached to their properties. That’s how we can help.
We are also required to keep up with laws and market trends, which change frequently. It’s hard to stay up on all the court cases and all the changes going on in property management. You don’t have to worry about doing that yourself when you have a property manager doing it for you.
Property managers must be available 24 hours a day, seven days a week. We are here to answer calls, take care of issues and manage any emergencies. If there’s a windstorm in the middle of the night, we take care of it so you don’t have to.
We understand the rental market. When it comes to putting a property on the market, we know what kind of price range is reasonable and what sorts of amenities are necessary. Property managers will understand what it takes to prepare a property for the market. For example, we can tell you how much rent you should be able to collect. If you have appliances that are not looking great and you don’t understand why no one is renting your home, we can tell you why and help you get new appliances in your home. We do our best to keep you informed.
Property managers have a list of great vendors. We develop good relationships with the repair professionals we use, and we often get a much lower cost for service than you might on your own. We create relationships for our clients, and we save you money because of those relationships. Labor and materials are expensive, and so is your time. We give you that time back.
Something property managers are able to do well is applicant screening. This is very, very important. You need quality people in your home who will take care of it. We always get anxious when we hear about landlords not doing background checks or calling references. Recently, a new client came to us because a tenant they had placed themselves was causing some problems. We did our own background check and found some concerns. We are taking care of the situation because it’s what we do best. However, good screening can often prevent bad tenants from even getting placed.
Property managers can take care of all your property’s accounting. You will receive a monthly statement and tax forms at the end of the year. Property managers will track all of your expenses and communicate about any repairs or necessary costs.
Hopefully, this helps you understand the job of a property manager. If you have any questions or you’d like more information, please contact us at Trio Property Management.