Choosing whether or not to use property management companies is a hard decision for many real estate investors
Property management is someone who manages property. which is why we prepared this article, to help you make the right decision.
Have you ever thought about what that entails, though? Property managers have to wear many different hats to take care of the property entrusted to them.
Property management is the practice by which a third party is given the responsibility of maintaining a residence’s status quo and appeasing its occupants. Property managers are, therefore, traditionally hired by rental property owners to oversee the daily operations of their real estate assets and deal with any questions or concerns the tenants may have. In the event the property is vacant, it’s the property managers job to see to it the house is rented. As its name suggests, property management takes care of every aspect of a rental home, from marketing vacant space and signing leases to collecting rent and calling for repairs.
Let’s go into detail on the specific services of property managers
After finding tenants who are trustworthy, a property manager opens a lease with the tenants. This involves scheduling move-ins with the tenant, scheduling rent payments, setting up rental insurance, completing a move-in condition report and making sure all legalities are completed.
After the tenants are moved into the rental building, the property manager’s job is then to collect rent at a specified time each month.
Property managers make sure the buildings are being kept clean and tidy through the length of the lease. Not only does this make cleaning up after the tenant leaves easier, but it increases the property value of the home or condo.
For most properties, tenants don’t provide a lot of maintenance on their systems and appliances. Generally, a property manager provides maintenance for air conditioners, elevators, security system and so on. Usually, this maintenance occurs between tenants, but they also could provide the maintenance at scheduled times with the tenant. The property manager finds trusted contractors who will complete this maintenance on all of the systems and appliances throughout the home or condo.
If something on the property breaks down, tenants are instructed not to try and fix it themselves, and instead alert the property manager. The property manager should find a solution to the issues and complete the repair.
The single greatest benefit you can get as an investor working with property management companies is time. By enlisting the services of a good property management company like Addis houses real estate, you won’t be forced to manage the property yourself; you’ll be free to take on other responsibilities. For most investors, the added time will help them find and acquire more rental properties to add to their portfolio. For others, not having to manage a property simply rids their lives of unnecessary stress.
At Addis Houses we work tirelessly to relive you from the stress of managing your real estate properties. If you are in search of a reliable property manager, email us on firstname.lastname@example.org or drop by our office located at Bole Rwanda, Eden Building next to Abyssinia Bank, ground floor