A property manager, for a small fee, oversees the real estate for an investor and helps to protect the property by overseeing maintenance, tenant procurement, managing the tenant, rent collection and the accounting.
Why is a property manager important to the role of a real estate investor?
Time is the single most valuable resource to all of us, so manage it well. An investor can spend many hours managing their single property. Hiring a professional property management company releases that investor from that time commitment each month.
A property manager is a real estate investors eyes and ears. We like to refer to a property manager as the real estate investor’s “boots on the ground”. A quality property management company inspects the property before, during and after any tenancy for issues concerning the upkeep and maintenance of the property. The property management company reports this information to the investor so that the investor can make a sound decision of what to do next. The property manager fields phone calls from tenants, vendors, and applicants throughout the day.
A property management company is responsible for knowing and abiding by State and Local laws. Every year brings new legislation regarding rental properties, tenants, and applicants.
How much can I rent my property for? How long can it take to rent my property? When do I receive my rent proceeds? What kind of accounting reports can I have? How does end of year accounting reports look for my property? How are the deposits collected? How are tenants move out disposition’s handled?
These are just the tip of the iceberg. It is the property management companies responsibility to communicate effectively on how to answer all of these questions. Experienced property managers record rents, deposits and creates charges for the property.
So here you have it. Property Management in a nutshell. A professional property manager is considered to be one of the most valuable assets in overseeing a real estate investment.
If you own rental property in the Treasure Valley area, including Boise, Meridian, Eagle, Kuna, Nampa, o Caldwell, contact ProCore Property Management now to discuss your management needs. Fill out our form here or call one of our agents at 208-888-5504.