A Property Manager
Being a landlord is one of the toughest occupations in the world. Renting can be the biggest hassle of your life. Many owners of rental properties want to handle the job of landlord. It is much cheaper in terms of dollars of expense. Soon a real estate manager will have to take on the job of landlord or hire a property manager.
A landlord can spend 40 hours a week running all over the city handling blocked toilets, fixing A/Cs, and solving maintenance problems. Then there is finding tenants, vetting them, and kicking out tenants who don’t pay. You could have used the time finding new rental properties or running your rehabbing business.
In any society, there are good people, bad people, and indifferent people. In the renting world, some tenants punch holes in the wall, snuff cigarettes on the countertop and allow their cute little puppies to eat the carpeting and furniture. Then some landlords are unreasonable, unapproachable and are interested only in the timely payment of rent. For this reason, rules and regulations abound, and the law protects both landlord and tenant.
What does a property manager do?
The recent article in Inman cites five main things special to a property manager:
- Finds the right tenant. The cost of choosing the wrong tenant is steep — in terms of time, money and, in some cases, legal difficulties. Finding and placing a qualified tenant demands both diligence and knowledge. A qualified tenant is a tenant who passes a background and credit verification check as well as receiving a good reference from current and past landlords and employers. Finding a qualified tenant also involves setting a rental price, and advertising.
- Creates a good lease. After successfully qualifying the tenant’s application, it’ll be the property manager’s responsibility to draw up a lease that is both fully compliant with the law and 100 percent enforceable.
- Fixes things that break. If something breaks, leaks, bursts or wears out — it’ll be the property manager’s responsibility to determine the cause of the problem and get it fixed.
- Collects rent and handles evictions. In the event the tenant stops paying rent, the property manager will attempt to collect it by sending written correspondence and making phone calls. If the collection efforts fail, the property manager will determine that it’s time to evict. The property manager will have to send a legal notice instructing the tenants to pay or vacate the premises. After that, it’ll be time to file a lawsuit in court.
- Keeps track of income and expenses. Finally, there’s the task of accounting. Tracking the income and expenses for a rental property isn’t just a good financial habit — it’s the law.
What does a property manager cost?
The average property manager charges somewhere between 50 and 100% of the first month’s rent as a finder’s fee and then 8 to 10% of the monthly rent. A renewal of an existing tenant would not generate a finder’s fee.
Above all, a great property manager enables you to stay on the right side of the law.
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As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple, truth about your home and how we pay cash for houses Cedar Rapids.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help, and we can do it quickly!
Give us a call today at 319-343-6773 to let us know how we can help YOU.