As a real estate investor, you’ll probably have to hire a Property Manager to help you get some work done. In our latest post, we’ll look at the responsibilities of a property manager and what you should be looking for when you decide on hiring a property manager in Reno, Nevada.
It’s a lot of work to be a landlord, especially when you deal with many properties. From rental collection to repairs, screening of tenants and evictions, it can be a lot of work handling everything related to your rental properties. Sometimes even more work than one person can handle. Working with the right property manager is invaluable. A good a good Property Management Company it worth the cost, while a poor one can cost you profits and can end up getting you sued. Below are some tips for screening potential companies in the area of Reno, Nevada.
What Does A Property Manager Do Exactly?
Every real estate company will do things a little different. Before signing a service contract, be sure to note what is covered and what is not. Here are a couple of things typically included in the scope of work of a property manager:
Market The Property
When you decided to hire a Property manager they will market your property online, in print or both to prospective renters. They will also show interested parties the property as necessary.
In order to screen potential tenants, a property manager will have a detailed and refined process. It’s usually more detailed and thorough than what you will be able to do alone. They will carry out a full background check including criminal records, earned income, records of employment and previous evictions.
Managing The Lease
They will help ensure that the lease is comprehensive and fully understood by your tenant. They’re going to work to include things you didn’t think of alone.
After you hire a Property Manager,They collect rent on your behalf and any associated fees. Payment can be directly deposited into your account
They will handle applications from tenants and schedule repairs and other services. Property Managers will ensure that the property is maintained properly at all times.
Know Landlord-Tenant Laws
Your property manager should be well-versed in landlord-tenant law. They will ensure everything is done by the book, helping you to avoid any possibility of a lawsuit.
A Property Manager will handle complaints from tenants professionally .They will work to find a resolution and keep you in the loop to what happens.
Deal With Evictions
They can help you in the eviction process if necessary. They have extensive records of breaches or missed rent, which will help you with your case.
When You Need To Hire One
You Have Many Properties
Once you start accumulating properties, managing them all at a high standard can be difficult. Hiring a property manager can save you time and avoid any mistakes you could make when you are so busy.
You Live In A Different City
If you do not live in the area, it is best to hire a property manager near the property who can act for you. They help to ensure that the property is well looked after and occupied by high – quality tenants.
What To Look For
Go online and check for the reviews for each Property Management Company. They should have strong reviews from both home owners and tenants. Having numerous complaints from tenants can lead to bad tenant retention, which will cast you money.
Feedback From Current And Past Clients
Once your list of management companies is narrowed down, ask to talk to current and past customers. Prepare questions in advance so you can really feel how they’re doing business.