Professional Property Manager Cheat Sheet – To Hire Or Not?

Advantages

Knowledge and experience to manage rental properties

Actively up to date with legislation and policies concerning real estate

Well-trained personnel to handle tenants in a professional way

Able to enforce a less bias screening process for selecting tenants

Management team available during office hours and dedicated hotlines for after hours

Tap onto their existing network of dependable suppliers, contractors, clientele

Keep accounting records while being relentless in chasing rentals

Tap onto their systems and policies that have been tested and fine tuned over many projects

Expertise in marketing properties with technologies including a strong web presence and online booking systems

Human resource planning with skills in hiring, payroll, compensation, while adhering to laws

Networking opportunities as they tend to have strong network of professionals and investors

Disadvantages

Only cost effective for multi-family properties or a bigger portfolio of properties

While quality service providers are competent with good technological support, those on the less expensive end may lack “sexy” technologies to wow tenants

Companies that have in-house suppliers and contractors may be tempted to overcharge you

They might neglect your properties if they are servicing a huge portfolio

They are on a job and like many people, might be unhappy with their jobs

Lack of supervision might entice them to take advantage of your tenants

Potential conflict of interest if they are involved in other areas of real estate

What a competent property manager brings to the table

Market surveys, rental statistics, and basically any data you are looking for

Marketing savvy-ness and selling skills to close a prospect

Experience in judging potential tenants in screening and selection process

Prepare and scrutinize legal documents including tenancy agreements

Sharp eye through experience in spotting defects and damages when inspecting properties

Systems, processes and tricks to collect rental in a timely manner

Remind you as a landlord what are your filing and legal obligations

Have great knowledge of preparing accounts that are in line with acceptable accounting practices

An eye for easy interior design that is desirable to tenants

Ability to quickly identify underlying problems causing defects and damages so as to get to the root of problems

An avenue for tenants to voice their worries and providing a timely suitable response

Conceptualize and enforce house rules while keeping within the parameters of the law

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