Is Property Management Right For Your Real Estate Investment?
Property management - also known as real estate management or rental management - is best for owners of real estate who want professional help overseeing the financial, marketing, and maintenance of a property.
The property manager shoulders the responsibility of handling the day to day tasks of finding and screening qualified tenants, executing leasing or rental agreements, collecting rents, handling tenant complaints or legal issues such as evictions, building maintenance and repair, as well as a complete financial accounting and reporting to the property owner.
3 Signs You Might Need a Property Manager
- You have a general lack of experience or knowledge of all the aspects related to managing a property
- You're concerned about the amount of time you have to invest in managing, marketing and maintaining the property
- You can't personally oversee the property due to the distance between the rental property and your personal home
Property owners who place a premium on their time are the one's who often see the greatest return on their investment in a property manager. The key is to choose a property manager who specializes in your specific type of property, and offers management services to fit your unique needs. Property managers specialize in one or more the following property types listed below. If you're curious how else a property manager can help keep your house(s) rented, check out 10 Reasons to Hire a Property Manager.
Single Family Homes
A single family residence is a detached dwelling designed for one family. It does not share walls with any other dwelling and usually has a yard. Condos, townhouses, duplexes, triplexes, and apartments are not considered single family homes.
Multi-family residences are dwellings that share a common wall, building or complex of buildings. Semi-detached buildings such as townhomes and duplexes, as well as apartments are all considered multi-family units or MDU's.
Home Owner Associations
HOAs are corporations created to manage the assessment, covenants, restrictions and maintenance of the residential communities. Property managers are hired to manage the collections and use of HOA member dues.
Office, retail, industrial, healthcare, hotels, warehouses, and even farm land are all considered commercial properties. Some property managers will specialize in commercial property management.