Considering Whether You Should Hire a Property Manager
It’s helpful to understand what a property manager does, whether you wish to work with one or become one yourself. In general, property managers handle administration, operation, and upkeep on behalf of the property owner.
Their responsibilities may include advertising, screening renters, and tracking rental payments. Although the specific duties differ, property managers may play vital roles in assisting property owners.
What Do Property Managers Do?
A property manager works under the supervision of a property owner to ensure that the property is maintained in line with the owner’s wishes. Property managers assist both residential and corporate property owners; the key is understanding the owner’s objectives for the property.
Property managers assist owners with various tasks, such as monitoring vacancies and ensuring renters pay rent on time.
Types of Property Managers
Property managers may have different roles depending on the type of property they manage. These include:
- Single-Family Home: Property managers work for landlords who acquire houses and rent them out to generate money. These houses are typically seen in low-income neighborhoods.
- Multi-Family Property: These property managers invest in real estate to make money. Aside from managing the property, this sort of property manager must be able to provide excellent customer service and deal with difficult situations. They also do periodic maintenance on the property.
- Commercial Property: These property managers specialize in commercial real estate. Managers are highly efficient in handling administrative or industrial structures.
Advantages and Disadvantages of Hiring One
The significant benefit of employing a property manager is that they perform the “heavy lifting” for the owners.
The property manager handles all the tedious and time-consuming activities connected with renting property. This frees up the owner’s time, allowing them to focus on investing in other properties.
The disadvantage of working with a property manager is that owners will earn less profit since a portion of the money will be used to pay for this service. A property manager also means less facetime with renters, which may benefit a homeowner’s attachment to their property.
Should You Hire One?
New landlords frequently believe that to save money, they should manage their property themselves rather than hire a property management company.
It’s worth assessing the benefits and drawbacks based on your position, especially if you have other time obligations and duties.
Managing your properties takes time and can be a full-time job in and of itself. Most landlords struggle to balance the time required to manage a rental property with other responsibilities efficiently. Keeping this in mind, hiring property managers is usually a good investment.
Responsibilities of Property Managers
Apartment management can entail several tasks, from answering calls about malfunctioning dishwashers to assisting you in protecting your investment and ensuring a consistent cash flow.
These responsibilities can include the following:
- Managing multiple properties
- Keeping up with landlord-tenant laws
- Collecting rent and facing tenant concerns
Fees to Expect
Property management costs range between 8 and 12 percent, depending on the property type and region. What doesn’t generally change is the fees charged for property management services. This can include:
- Leasing fees
- Maintenance fees
- Management fees
- Leasing fees
Conclusion
Working with a property manager can be advantageous, especially if you don’t want to spend much time and effort on your rental property. However, you must be sure that the property manager is qualified, considering their property management background, rental income, and client satisfaction.
Are you in need of property management in NYC? NYC Apartment Management offers excellent results with customized service packages to fit your needs. Give us a call today to learn more!