Who Are You – Realtor Or Property Manager?
The job of being a property manager can be tough. This is not only because you will have to manage people, and property, but also because of the different types of work that you need to do on a regular basis. As such, you might get confused with the facts if you are a property manager or a realtor. So, before you actually take the plunge as a property manager, make sure you know what you are getting into and how to solve major or minor issues.
So, if you are bent on becoming a property manager, here are some useful information which will help you make the right choice.
#1: Finding The Right Tenants
You will find that listing a property for rent is similar to listing a property for sale. You can list them on several websites, but the main challenge is screening the tenants properly so that no problems occur in the long run. For example, you will not like to be stuck with more maintenance just because a tenant was neglecting an issue, or there is a late payment for several months. Not only will this take a lot of time on your part, it will also result in an unhappy and dissatisfied landlord, who can even fire you from work.
So how to overcome these issues? Simply, you can call up previous landowners and property managers to get an idea of the tenant’s behaviors. If the tenant is still living there and they want the tenant to move out, they will give them a positive review, no matter how bad they are. So, do not rely totally on the review given, but poke and prod until you find the truth about everything.
Verify their income, check if they can manage the expenses in the long run, and if they will run into financial issues after a month or two.
Property inspection is perhaps one more duty of the property manager. Inspections are not only done during moving in and moving out, but also at regular intervals. If you can do a check of the property daily or weekly, you can prevent a lot of issues from growing big. Inspections do take a significant amount of time. You as a property manager, need to not only visit the site, but also make sure that proper maintenance is done at the correct time.
#3: Maintenance & Repairs
Most of the PMs spend majority of their time on solving maintenance and repair issues. Of course, as a property manager you need to be available for emergencies even at late nights and early mornings. So, if you don’t respond beyond normal working hours, that might be an issue for you. Hence, think before you step into the field as a property manager.
#4: Difficult Owners
If you are planning to step in property management, you will need to deal with the property owners on a regular basis. Owners can be flexible, and they can be frustrating, however, you as an individual will have to manage that. Yes, at times, it can be tough, especially when you are having a bad day and things are not working as it should be. For example, some owners can be seasoned investors also, and as such, they will only be interested in rent collection and not on the maintenance. You as a property manager will have to handle this subtly.
So, now that you know about the common perils of becoming a property manager, why not try it out? Have a problem? Drop in a comment and we will help you out!