Property agents management is a complex and fast-paced business. You need to be able to communicate with multiple stakeholders (clients, tenants, vendors, insurance providers and more) in a timely and professional manner.
Real estate agents usually offer property management as a secondary service to their clients. They may pass on your rental to their property management department, which can leave you at the whim of the person who takes your property, their skills and level of experience. A property management specialist is a better choice because they will be solely focused on your property and invested in growing your investment.
You’ll also need to keep your clients updated on their properties’ values, rent rate trends and occupancy rates, as well as market changes that could affect the value of their investments. It’s important to provide them with value-added services that can improve the quality of life in their rental homes.
Managing your portfolio requires the use of various templates for everything from maintenance request forms to lease agreements. Having the right tools can make your job easier by streamlining communication and saving you time.
Tenant relations can be challenging, particularly with slow-paying tenants or those in serious breach of their rental agreement. A skilled and experienced property manager can handle this for you and help you avoid costly evictions.
If you manage properties that are part of affordable housing programs, you may be subject to additional rules and regulations. Having a property manager who is familiar with these requirements can save you time and money in the long run.