If you’re considering becoming a landlord, consider hiring a property manager!
When it comes to residential property management, you have options. You can choose the hands-on approach and manage rental properties independently or opt for a property manager to handle some or all of the landlord’s duties. This guide is here to help you understand the role of a property manager, empowering you to decide whether to hire one. You’ll also learn how to find a local property management company.
Property Management Responsibilities
You might wonder, “What does a property manager do?” A residential property manager saves you time and reduces the stress of being a landlord. Some residential property manager tasks include:
- Marketing the rental property
- Managing tenants
- Collecting rent
- Answering maintenance requests
- Handling legal issues
Property managers are often employed by a company that rents a house for you in exchange for a property management fee, which is between 7% and 10% of the monthly rent.
Why Hire a Residential Property Manager?
We recommend you hire a residential property manager if the following circumstances apply to you:
- You have more than one property to rent
- Property management tasks are overwhelming you
- You don’t live close to your property
- Hands-on management isn’t for you
- You don’t have enough time to manage your properties, or your time could be used in a more valuable way
It’s important to note that property management services can be flexible. If you don’t want to hand over all the responsibilities and stay involved as a property manager, you can find a company that will handle a few duties while you take care of the rest. The advantage is that you can tailor the services to your needs and potentially reduce the management fee.
Is It Necessary to Hire a Residential Property Manager?
Whether or not you need a residential property manager, all comes to costs. Consider how much you want to pay to take some or all of the load off your shoulders. Here are a few reasons why you might take on some of the responsibilities or leave it entirely up to the outsourced property manager.
Hiring a residential property manager to handle some tasks will:
- Get some of your time back and avoid answering tenant calls about emergency repairs
- Stop you from dealing with evictions
- Potentially save you money on property management costs
- Allow you to have an experienced professional to handle significant issues, such as litigation and maintenance
- Allow you to have control over the responsibilities that matter the most to you
Hiring a residential property manager to handle all of the tasks will:
- Free up more of your time
- Cost more money, but many property managers accept the trade-off
- Make you feel more secure knowing that the management of your property is in trusted hands
How to Find a Local Property Management Company
If you’re only responsible for a single rental, it’s best to research property management companies that are interested. Some companies only want to manage multiple properties. Next, consider the following steps:
- Ask friends, families, or your real estate agent for referrals
- Check online reviews or check with a state or local apartment or condominium associations
- Make a list of a few companies that match your needs
- Cross compare fees
- Research each company’s licenses and certifications
- Thoroughly review each company’s property management agreement
- Investigate properties currently managed by companies you’re considering
- Set up interviews with a few companies to see which one suits you and your property or properties the best
Finally, we saved the best step for last. Give Clagget Enterprises, Inc. a call. Our 25+ years of experience can lead you in the right direction.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.