| There are many situations in which property | | | | other duties that a property manager performs, |
| owners choose to use a property manager to | | | | such as scheduling maintenance and hiring |
| manage their rental inventory. One is that the | | | | contractors. Although in most states both the sale |
| property owner does not have any experience in | | | | of real estate and the management of property |
| managing rental properties. Another is that the | | | | require the same licensure, the professions are |
| owner may not be familiar with the laws of the | | | | very different. |
| district where the property is located. In some | | | | Being an effective property manager requires the |
| cases, the property owner may own too many | | | | ability to manage multiple projects at one time, |
| properties to oversee them all. Whatever the | | | | excellent communication skills, good organizational |
| reason, there are a few things to look for when | | | | skills, and a good head for numbers. The property |
| choosing a property manager. | | | | manager must be good at handling crisis situations, |
| Property Manager Duties | | | | such as a burglary or a flooded basement in the |
| One bad decision regarding the management of a | | | | rental property, and being able to help the tenants |
| rental property can cost the owner more than | | | | in such crisis situations. They should also be adept |
| what it would cost to hire a professional property | | | | in recognizing potential problems before they |
| manager. A knowledgeable property manager can | | | | occur. A property manager needs to be willing to |
| help the owner avoid many of the problems | | | | pre-screen potential tenants and use discernment. |
| associated with the ownership of rental property. | | | | A property manager who will just fill your |
| The property manager maintains the rental | | | | property with any tenant so they can collect their |
| property and upgrades the facilities as needed. | | | | commission, is someone you could do without. |
| They also act as the main point of contact for | | | | The property owner should not hire anyone who |
| the property and acts as a liaison between the | | | | does not possess all of these qualities to be a |
| property owner and the tenants. In many cases, | | | | property manager. |
| the property manager is responsible for finding | | | | The property owner should ensure that the |
| and securing suitable tenants for the rental | | | | property manager is well educated in current laws |
| property. | | | | regarding rental laws, court practices, lead based |
| Choosing a Property Manager | | | | paint disclosures, Section 8 housing subsidies, mold |
| When choosing a property manager, ensure that | | | | remediation, and fair housing laws. Effective |
| they are a full time property manager and that | | | | property management requires ongoing education |
| they do not sell real estate as well as manage | | | | in these areas to ensure that their practices are |
| properties. In recent years, the tightening of the | | | | current and legally sound. When it comes to |
| real estate market has caused some real estate | | | | property management, education and experience |
| agents to supplement their income by managing | | | | really do count. The mistakes of an inexperienced |
| properties part time. While these agents have a | | | | property manager can wind up costing the |
| wealth of knowledge about the real estate | | | | property owner thousands of dollars in litigation |
| market and maybe even how to obtain renters, | | | | fees and settlements. |
| they are often inexperienced in many of the | | | | |