Property management involves hiring a third party property manager to oversee and manage residential and commercial properties such as apartment complexes, condominium units, detached houses, and even shopping centers.
Responsibilities of a Property Manager
According to experts at Froerer Real Estate, the exact extent of the functions of property managers will vary depending on the terms of their contract, but will usually include setting, collecting, and adjusting rent, as well as finding and screening tenants. A property manager is also responsible for the other aspects of dealing with tenants such as handling leases, complaints, emergencies, move outs, evictions, maintenance, and repairs. In some cases, property managers also take care of vacant properties by ensuring proper maintenance and preventing any vandalism.
Why Hire a Property Manager?
As a landlord, you may be debating whether you need to hire a property manager or not. If you only own a single property which you live near to and you have a lot of time on your hands, you may forego hiring one. However, if you own multiple properties, have limited time, or live far away from your rental properties, managing your properties may become too tedious for you. In that case, hiring a property manager would be the best solution.
The Benefits of Hiring a Property Manager
With their experience, property managers can quickly screen tenants that can potentially cause problems. They can also aid in finding tenants that will likely stay a long time and cause few problems. A good property management company often has a time-tested tenant retention program. They are also experts in landlord-tenant laws, so they will be able to deal with troublesome tenants properly without them resulting in expensive lawsuits.
Finding a good property management company in Salt Lake City may take more than just browsing the internet. Take time to thoroughly research and interview management companies, or ask for recommendations from friends and colleagues.