In the age of technology, the skill set and reputation of property managers have changed. The trend toward better tenant experience has driven improvements in technology and efficiency in the property management industry. Renters’ satisfaction is on the rise, and the image of landlords is finally catching up with other respected industries. New technology platforms are proving to be more powerful, easier to use, and scalable via the cloud. With these tools, property managers can now deliver more profitable services to their tenants.
Regardless of the level of service offered, hiring a property manager is a big decision. Typically, property managers charge between eight and twelve percent of the rental value. However, this fee doesn’t necessarily reflect the quality of the manager. A cheap property manager could overcharge a top-rated one. Therefore, it is important to do your due diligence and look for a property manager who meets specific criteria. If you’re inexperienced or don’t have time to manage your own property, consider hiring someone who will do the work for you.
While managing a property isn’t your typical 9-to-5 job, the job of a property manager is demanding and requires a significant amount of time. Besides maintaining the property and advertising it, you also need to follow up on tenants and ensure that they’re paying rent and aren’t violating the lease. And when you have a long list of tenants, it is difficult to monitor their needs and satisfaction. Choosing a property manager can alleviate these problems, and let you focus on other aspects of running your investment property.