Just What is Property Management?
It’s likely you’ve heard the term “property management” at some point in your experience with real estate. But what exactly does that mean?
Simply put, property management is the work necessary to oversee the use and maintenance of real estate. Property owners can hire a property management company to do that work for real estate they rent out, saving hours of calls, coordination and frustration.
A property manager works on behalf of a home owner to look after a rental house or apartment. They field calls from tenants when something goes wrong. They also take care of the entire renting process, from listing a rental to taking and screening tenant applications, to managing the lease and rent payments. When something needs repairs in the house, the tenant calls the property manager instead of the owner. The property manager takes care of those emergency repairs in addition to regular interior and exterior maintenance.A property management company manages your rental property as an independent contractor, saving you the hassle of managing an employee. It will oversee each of the steps of the renting process, including accounting of rent income and any expenses associated with necessary repairs or maintenance. If an eviction is necessary, the property management company will pursue it on the owner’s behalf.
Not all rental home owners have the grit or patience property management requires. Hiring a property management company may be the right fit for remote owners, or those who are frustrated by administrative work, after hours calls from tenants or managing contractors for repairs.
If you’re ready to consider a property management company for your investment home or rental, give us a call to start the conversation. We have 40 years of experience to answer all your questions.