What do Residential Property Managers Do?
If you own a single family home and want to rent it out, you may consider hiring a property manager to help you with the process. A property manager takes care of all the day-to-day activities associated with renting out a home, from finding tenants to handling repairs and maintenance. Here’s 6 common services a property manager will offer.
1. Market your rental property
Marketing rental properties is a crucial aspect of property management and a common property management service. A good property manager can help you attract high-quality tenants and fill your vacancies quickly. A property manager will create professional-looking ads with photos taken by a real estate photographer and list it on popular rental websites. They also handle all communication with interested tenants, provide virtual 360 tours or in-person showings, and answer any questions tenants may have about the property. By using their expertise in marketing and tenant acquisition, a property manager can help you find reliable and responsible tenants who will take good care of your rental property.
Tip: When you interview property managers be sure to ask what they see happening in the market. If it’s softening, it may mean you may have to list the home at a lower rental price or that it could stay on the market longer. If it’s a strong market, you may be able to rent your property out more quickly than anticipated. Either way, ask about their process for pricing your home and what happens if there’s limited activity.
2. Tenant screening and placement services
One of the most important tasks a property manager can take care of is finding and placing tenants in your single family home. This includes screening potential tenants, conducting background checks, and setting up lease agreements. A good property manager will strive to find tenants who are reliable and responsible, which will help minimize any issues down the road. A property manger may include this service in a management agreement bundle or offer it as a stand alone option.
Tip: Ask about their screening process. You’ll want to listen for whether they have a consistent screening process which includes credit, background, income and rental history. Ask to see their tenant screening criteria, this is the requirements they’ll use to determine whether or not someone will be approved to rent your property.
3. Rent collection and financial management
A property manager handles rent collection and financial management for your rental. They manage lease signing, collect rent on time, handle any late payments, and pay contractors. They also provide accounting and financial reporting related to your rental property, making it easy for you to track your income and expenses. Be sure to ask about fees prior to signing a management agreement. It’s important to understand what fees, in addition to the management service, may be applicable in order to avoid surprises when you get your owner statement. Also, ask if they have any add-on charges for maintenance costs.
Tip: Ask whether they have a renter and owner portal available with their software. This allows you and the renter to log in any time and see accounting information, work orders and more. You’ll also want to ask how frequently you’ll receive an owner statement (we send them monthly).
4. Property maintenance and repair coordination
As a landlord, you are responsible for maintaining your rental home and ensuring that it is safe and livable for your tenants. A property manager can help you with this by coordinating all maintenance and repairs, including handling emergency repairs, and arranging for more significant maintenance needs between tenants.
Tip: Ask about maintenance reserves. It’s common for a property management company to hold funds in reserve in case a maintenance issue comes up. Ask how much they hold in reserve and how they handle emergency maintenance. Also ask about how they vet their contractors to confirm their preferred vendors are licensed and insured.
5. Tenant communication and dispute resolution
Dealing with tenant disputes can be stressful and time-consuming. A key service property manager provide is handling all communication with your tenants, including addressing any questions, concerns or complaints they may have. According to a national survey conducted by SmartMove, uncooperative tenants was ranked in the top three pain points for landlords along with loss in rental income and rental maintenance. Property management services include being the point of contact for tenants, so owners don’t have to field calls and questions.
Tip: Ask about their typical response time with questions or requests from both tenants and owners. Also ask about communication channels. Will they answer the phone if you call?
6. Risk management
Finally, a property manager can help you navigate risk management associated with renting out your home. For example, ensuring any contractor is licensed and insured. They should also follow Fair Housing laws as well as state and local rental laws.
Tip: Asking if the property manager is aware of and follows fair housing laws. It’s also helpful to ask about how the manager handles assistance animal requests, as assistance animals are not considered a pet and are not subject to pet fees, pet deposits or pet rent.
In conclusion, hiring a property manager to take care of your single family home rental property can be a great investment. By handling all the day-to-day activities associated with renting out a home, a property manager can help you maximize your rental income and minimize your stress and workload. If you’re considering renting out your single family home in Idaho, let’s chat.
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