February 24, 2020
3 Minute Read
Property managers help landlords manage the often stressful or time-consuming responsibilities that come with owning one or several rental properties. Some property management companies are small — just one person — and others are large corporations. While pricing and services can vary based on the company you hire, many property managers will handle some or all of these duties:
A property manager has local real estate knowledge that will help you set a competitive monthly rent price while maximizing your return on investment (ROI). Their process for determining how much to charge for rent may include:
Property managers are skilled at rental marketing, which means they’ll likely be able to fill vacancies sooner than if you tried marketing the property yourself. They’ll handle these tasks:
Experienced property managers see hundreds (or thousands) of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. They’re able to quickly spot good tenant qualities, such as paying rent on time, taking care of the property and more. The screening process includes:
Whether you need help managing one or 20 tenants, a property manager will handle all aspects of the landlord-tenant relationship. They’re responsive and available 24/7 to:
Zillow Rental Manager offers an online property management tool to easily list your rental, screen applicants, manage tenants and collect rent — all in one place.
Rental properties require routine maintenance and sometimes emergency repairs. A property management company will have a network of licensed, bonded and insured contractors and vendors — maybe even an in-house maintenance staff who can respond promptly to maintenance issues. Some property managers may charge a percentage of the repair costs as compensation for the time they spend arranging and completing the maintenance or repair process. Be sure to ask what additional fees to expect when you’re interviewing a property manager. A property manager will:
A lease agreement sets rules and expectations for living in the rental. A property manager may create the agreement or have a legally compliant lease agreement drafted by a professional. A proper lease agreement will:
Bookkeeping can be a time-intensive, confusing and tedious process, but it’s crucial to making sure you’re properly filing taxes and making the most of your investment. A property manager will take care of:
Property managers understand landlord-tenant laws and fair housing laws, which can help you avoid potential lawsuits and save time, money and energy in the long run. Some of their legal services include, if necessary:
During the move-in and move-out phases, a property manager will perform a detailed inspection with the tenant and have them sign a report to verify the rental’s condition. Upon move-out, the property manager will also:
For more articles, tips and trends about property management, property maintenance and being a landlord, visit our Rental Resource Center.
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