To put it simply: If you have a rental (or are thinking about buying one), a property manager makes your life easier. They find quality tenants, handle problems, and give your property credibility for tenants who want great housing.
Who wouldn’t want those perks?
But if you’ve never used a property manager before, you may wonder how it all works. Do they really take care of everything? What does a property manager do? How does property management work? If you’re thinking about hiring someone to manage your property, here’s an idea of the property management process so you know what to expect.
Property Management Duties and Responsibilities
A full-service property manager should handle every aspect of your real estate. Here’s what that should include:
Keeping the Property Occupied
Property managers keep tenants in the house. And they start looking for new tenants before the current lease is up, to keep rent as continuous as possible.
Maintaining the Property
Managers also keep up routine maintenance like HVAC tune-ups and lawn care. Plus, when unexpected issues come up (like an overflowing toilet at 3 A.M.), the tenants call the manager, not you.
Enforcing the Lease
A good manager starts with an iron-clad lease. They set clear expectations about all the procedures and regulations for the house. Then they enforce them. That means, if the tenant is in breach of lease, they follow through with the consequences whether those are late fees or eviction.
When tenants have questions or concerns, they work with the property manager. If they cause an issue, the property manager deals with them.
Repairs come with every home ownership. But by hiring a property manager, you don’t have to deal with them yourself. They’ll coordinate with the experts to get the issues resolved as quickly as possible.
Thanks to LEAP, owners never have to be physically present. We handle everything for them based on our agreement from the beginning.
The only time we need to contact owners is for executive decisions. If there’s a repair we need approved or if it’s time to approve a new tenant, we’ll reach out to the owners by email or phone to get their okay.
Is Property Management Best for New or Experienced Landlords?
If you’re not familiar with the local market and handling the complexities of managing a property, consider hiring a property manager. Without one, you’ll need to stay up on the local market, know how to vet tenants, and handle a breach of lease. Also, make sure you're comfortable with the legal process for collecting, keeping, and returning security deposits. You’ll also need to be ready for late-night phone calls and handling emergency repairs. Anyone who doesn’t want to spend their time on those things, whether they're new or experienced, needs a property manager.
Plus, you may figure out the math of hiring a property manager just makes sense. Calculate how much you earn per hour. Now, figure that you’ll spend 10-30 hours per month, per property you own. Then calculate the monthly cost of hiring a property manager. If you crunch the numbers, you’ll see that a property manager costs far less than what your time is worth.
What If I Live Out of Town (or State or Country)?
We cater to clients who live out of town. In fact, half of our clients live out of state. So all of our communication is done electronically. We only need to reach the landlord when there’s a tenant or repair to approve — and both can be done over email or with a quick phone call.
What’s the Biggest Benefit of Using a Property Manager?
Property managers protect your investment. How? They offer experience, expertise, and peace of mind.
Experienced Knowledge of the Local Market
We’re experts in the North Texas real estate market. So we know how to find properties, get a fair price in the purchase, and then price them to lease to the best tenants.
Once we help you find a property, we’ll fill it with a quality tenant. We screen tenants extremely well, which means longer leases and less turnover. And that means better return on your investment.
With a long-term tenant, you save on turnover costs and commissions. That means more cash flow for you, because there are fewer expenses. Having a quality renter who isn’t causing problems also means less stress.
Peace of Mind
A good property manager gives you the peace of mind you’ll never have if you manage a property yourself. Not only does a property manager deal with all the details of each process, but when problems arise, they handle them. With a property manager, you can worry less and earn more.