If you own some income-generating residential rental property, then you know that keeping up with maintenance can be a lot of work. Between fixing leaky faucets, mowing the lawn, and cleaning the gutters, it feels like there's never enough time in the day.
Many property owners don't realize that they can hire a professional to take care of all those tasks for them. Here's a closer look at what residential property managers do and why you might need one.
Overseeing Maintenance and Repairs
One of the most important duties of a residential property manager is to oversee any maintenance or repairs that need to be done on the property. This includes everything from changing lightbulbs to fixing a broken air conditioner.
It can be difficult to deal with these issues if you live in another state or even another country. A property manager can take care of everything for you, so you don't have to worry about it.
They will also keep an eye on the property to ensure that emergencies are addressed as soon as they arise. For instance, if there's a pipe burst or a roof leak in one of your tenant units, the property manager will take care of it right away. This way, you don't have to worry about being awoken in the middle of the night to deal with such emergencies.
A residential property manager can also schedule preventative maintenance, such as HVAC tune-ups and gutter cleanings. This can save you a lot of money in the long run by ensuring that your property is well-maintained and doesn't fall into disrepair.
Experienced property management firms typically have a team of workers that they can dispatch to take care of any repair or maintenance tasks that need to be done. In some cases, the property management firm will even handle billing for repairs and maintenance. You don't have to go into too much trouble finding a reputable contractor to do the work for you.
Dealing With Tenants
Another important duty of a residential property manager is to deal with tenants. This includes everything from screening new tenants to collecting rent each month. They will draft new leases, handle deposits, and even evict tenants if necessary.
Screening new tenants is a critical task that should not be taken lightly. After all, you want to make sure that you're renting your property to responsible and trustworthy people. A residential property manager conducts thorough background checks to verify employment and rental history to ensure that tenants are qualified.
A residential property manager will also handle tasks like collecting rent each month. This can be a great relief for property owners who don't want to deal with the hassle of chasing down tenants for late payments.