What is a property manager? Is it: Someone who collects rent? Someone who leases your home? Or someone who manages your rental property?
Anyone of the above answers is correct, however, all three combined really describe what the job description of a property manager involve. Even more so, a property manager can be described as your risk manager for a rental property. How so?
Property managers are usually hired because a property owner either doesn’t have time, know how or resources to effectively manage their property. So, they hire a property manager. But, not all property managers are created equal. Not all are effective risk managers – minimizing the risk that exists in the property management world.
For example, not all property managers screen tenants thoroughly. What can this mean? An unqualified tenant can lead to unpaid rent, property damage and evictions. Proper risk management will mean evaluating a tenants qualifications and looking after the owners interests, advising the owner of the risks and looking for a qualified tenant.
Even after a qualified tenant is found, risk management continues. For example, move in and move out walk through inspections allow you to hold a tenant responsible for damages that may have occurred. Periodic property inspections help gauge how a property is being maintained during a tenancy and action can be taken for issues or problems, even if it is normal wear and tear since small problems can become costly ones without proper oversight. And effective bookkeeping and accounting can keep rent payments flowing on time without any issues.
It is clear to see that a property manager is more than a rent collector or a leasing agent. They are an integral part of your most costly investment. So, it is best to choose wisely and to look for more than the least expensive one. It is best to have a property manager that has the skills and expertise to keep your investment occupied, maintained and preserved.
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