Residential property managers hold a lot of responsibility. They are the day-to-day managers of your property, and often the face of it as well. If you're considering bringing on a property manager, know where to go to find the right property management company for you.
Residential property managers help investment property owners and homeowners in preserving and increasing the value of their real estate investments. They manage the day-to-day financial operations of the property, including finding and placing qualified tenants, and they ensure the property is in good working order.
Marketing: Keep properties occupied with qualified tenants through advertising, lead follow up, property showings for prospective tenants.
Tenant relations: Develop rental agreements, selects qualified tenants, collects deposits and rents, enforces terms of rental agreements, resolves tenant complaints, oversees eviction proceedings if necessary.
Facilities management: Schedule maintenance and repairs, negotiates contracts with vendors, regularly inspects property to ensure it is in good working order, quickly resolves emergency maintenance issues.
Financial reporting: Keep financial records from property operations, creates monthly financial reports for property owner.
Owner relations: Keep open dialogue with property owner on vacancies, tenants, physical condition of property, and financial issues.
Property managers can make $35,000–$65,000 depending on experience and location.