Property managers oversee a wide range of tasks when it comes to a property, from collecting rent to ensuring that the roof doesn’t leak. But what exactly are property managers responsible for? If you decide to hire management it’s important to have a clear understanding of their role. By doing so, you can avoid any misunderstandings or surprises down the road.
Let’s take a look at some of the most common questions about property management to get a better understanding of what your property manager will take care of.
Do Property Managers Pay for Repairs?
Property managers are not responsible for paying for repairs, such as a new roof or broken water heater. However, they can often get you a discounted rate on those contractors. For smaller repairs, the property manager typically has an on-sight maintenance team who can fix small repairs like a leaky sink or burned-out lightbulb. The fees for this maintenance work are typically discounted for property owners, compared to calling out your own maintenance worker.
What About Maintenance?
Maintenance is different from repairs in that it is preventative rather than corrective. Maintenance is something that is done regularly to keep your rental property in good condition and to avoid major repairs in the future. Some examples of maintenance include painting , landscaping, and gutter cleaning. Maintenance is typically the responsibility of the property owner, but some property managers will include it in their services for an additional fee.
What Happens if There’s an Emergency?
In the event of an emergency, such as a fire or flood, the property manager will be responsible for coordinating with the appropriate emergency services. They will also provide assistance to tenants in the event that they need to be evacuated from the property. In some cases, the property manager may even be responsible for finding temporary housing for displaced tenants.
The property manager will also be responsible for dealing with the aftermath of the emergency, such as coordinating repairs and cleaning up any damage. This is one of the most important duties of a property manager and is one of the reasons why it’s so important to choose a property manager that you can trust.
What Role Do Property Managers Play in Rent Collection?
Property managers are responsible for collecting rent from tenants and depositing it into the owner’s account. They may also be responsible for handling late payments and evicting tenants who don’t pay their rent. In some cases, property managers will also handle security deposits.
In addition to collecting rent, property managers are also responsible for maintaining accurate records of all payments made by tenants. This includes keeping track of when rent is due, as well as any late fees or other charges that may be incurred. These records can be used to resolve disputes between tenants and landlords, and they can also be used to provide evidence in the event of a legal proceeding.
Do Property Managers Handle Evictions?
Property managers are sometimes responsible for evicting tenants who don’t pay their rent or who violate the terms of their lease agreement. This is a complicated process, so it’s important to choose a property manager who has experience with evictions. In some cases, property managers will hire an attorney to handle the eviction process.
Who Handles Tenant Complaints?
Property managers may also be responsible for dealing with complaints from tenants. This can include everything from noise complaints to repairs that haven’t been made in a timely manner. In some cases, property managers will also be responsible for mediating disputes between tenants.
Will Property Managers Market My Property for Me?
Many property managers will also help with marketing your rental property. This can include everything from creating listings to showings to potential tenants. In some cases, property managers will even help you stage your property for potential renters.
Another avenue that property managers use in marketing your business is running advertisements and promoting your listing on social media. Plus, these advertising costs are often included as part of their fee.
Can Property Managers Help Me Generate More Revenue From My Properties?
Overall, property managers can provide a number of services that will help you generate more revenue from your rental properties. By increasing occupancy rates and reducing turnover, they can help you maximize your profits. In addition, they can also help you save money by preventing vacancy loss and dealing with tenant complaints.
Do Property Managers Draft Rental Contracts?
Most property managers will also be responsible for drafting rental contracts. This includes everything from the lease agreement to the security deposit agreement. In some cases, property managers will also help you create custom rental agreements for your properties.
In addition to drafting rental contracts, property managers may also be responsible for reviewing these documents with tenants. This is important to ensure that both parties understand the terms of the agreement.
How Much Do Property Managers Charge?
In general, you can expect to pay between 7% and 10% of your monthly rent fees. So, for a rental unit with rent of $1,000 per month, you would likely pay between $70 and $100 per month in property management fees. Because vacation rental management is much more time-consuming, exhaustive and tedious, with a very high guest turnover rate, you can expect to pay anywhere from 18% to 30% per month in property management fees. Much of this depends on your location and the rates of the area.
The exact amount will vary depending on the services that are provided. In some cases, property managers will also charge an additional fee for special services, such as evictions or prioritized marketing.
Be sure to ask about all of the fees that you will be responsible for before you sign a contract with a property manager.
Can Property Managers Manage Both Long Term Rentals and Vacation Rentals?
Yes, property managers can typically manage both long term rentals and vacation rentals. However, there are some property managers who specialize in one type of rental or the other.
For example, some property managers may only work with long term rentals. These property managers typically have more experience with things like evictions and tenant retention. On the other hand, some property managers may only work with vacation rentals. These property managers typically have more experience with marketing and customer service.
There are also management agencies like Trova that cover all different types of properties. From single family rental, to vacation rentals, and even 100+ unit apartments, these diverse teams can handle just about anything your property portfolio needs.
When you’re choosing a property manager, be sure to ask about their experience with the type of rental that you have. This will help you choose a property manager who is best suited for your needs.
Can Property Managers Manage My Airbnb Listing?
Yes, many property managers can help you manage your Airbnb listing as part of managing your vacation rental. In addition to creating and managing your listing, they can also help with things like guest communication, cleaning, and key exchanges.
What Happens When Someone Damages My Vacation Rental?
Property managers are responsible for filing and following claims for any damage within your home. With the proper documentation, insurance can cover almost any guest damage done to your home. This is not for common wear-and-tear to the property–this is for damage brought upon by a guest. Property managers are knowledgeable about how to handle these claims efficiently and with a high success rate.
Can Property Managers Help Me Find Rental Investments?
Yes! Some property managers also help their clients find rental investment properties. This can be a great way to find properties that are already generating income.
If you’re interested in finding a rental investment property, be sure to ask your property manager if they offer this service. They may be able to help you find a property that meets your investment criteria.
What Don’t Property Managers Handle?
While property managers can handle a wide variety of tasks, there are some things that they do not do. For example, property managers can’t force tenants to pay their rent or make them follow the rules of the lease agreement.
Property managers also can’t evict tenants on their own. In most cases, an eviction must be ordered by a judge. Property managers can help with the eviction process, but they can’t actually carry out the eviction themselves.
When Should I Hire a Property Manager?
There is no one-size-fits-all answer to this question. The decision of whether or not to hire a property manager depends on a number of factors, including the size and location of your rental property, the number of tenants, and your own personal preferences.
If you live in a different city than your rental property, or if you have multiple properties that are spread out geographically, it may be difficult to manage everything on your own. In these cases, it may be helpful to hire a property manager.
Property managers can also be helpful if you have a lot of tenants. Managing a large number of tenants can be time-consuming and difficult. If you’d rather not deal with the day-to-day tasks of being a landlord, hiring a property manager may be the best solution.
Finally, some landlords simply prefer to have someone else handle the management of their rental property. If you’re not interested in the task of being a landlord, or if you don’t have the time to devote to it, hiring a property manager may be the best option for you.
How Do I Choose a Property Manager?
If you’ve decided to hire a property manager, the next step is to choose one that fits your property needs. There are a few things that you should keep in mind when you’re choosing a property manager.
First, you should make sure that the property manager is licensed and insured. This will protect you from any liability if something goes wrong.
Second, you should ask for references from past clients. This will give you an idea of what it’s like to work with the property manager.
Third, you should have a written contract that outlines the services that the property manager will provide and the fee that they will charge. This will help avoid any misunderstandings.
Finally, you should make sure that you’re comfortable with the property manager. You’ll be working closely with them, so it’s important that you trust and respect them.
Hiring a property manager can be a great way to take some of the stress out of being a landlord. But it’s important to choose the right property manager for you. By keeping these things in mind, you can be sure to find a property manager who will be a great asset for your investment.
If you have any questions about property managers, or if you’re thinking about hiring one, feel free to send us a message. We’d be happy to help!