Property Management – Woodland Hills

So you’re thinking of investing in a rental property, but you won’t have time to manage it. Find out answers like: How much do you generally pay a property manager? Is it usually a certain percentage of the rent?

REASONS TO HIRE A PROPERTY MANAGER

The reasons to hire a property manager to handle the day to day tasks of property management are many. If you have been managing your property for a few years and you want more free time, hiring a manager will certainly help. If you own a few properties and cannot visit each one everyday, you can hire an on-site property manager to be there when issues occur. When it comes to managing properties, whether they are commercial or residential, there will always be some sort of problem. Property managers can help you when there are many issues that need to be dealt with or when you just need a break from managing for a while.

What to Look For in a Property Manager

Experience is one of the first qualities you should look for when hiring a property manager. The second is people skills and the third is problem solving skills. The level of responsibility you give your property manager will be entirely up to you. Since the property manager is the person that vendors and tenants have to see each day, the person you hire should be professional, and be able to meet the needs of your vendors and tenants quickly and easily.

The role of the property manager can be to interact with those who are leasing space from you and also attract new vendors or tenants or they can take on a bigger role and collect rent and manage bills. It will be up to you to decide which tasks you would like the property manager to perform.

The Cost of Hiring a Property Manager

Depending on the amount of responsibility you give to your property manager, you will have to research current salaries to determine a fair amount. The cost of hiring an employee can be staggering once you include health insurance and other benefits. You should talk with your accountant to see how much it will cost to hire another person.

If you no longer want to work long hours, then it may be worth it to you to hire someone to manage your property. Many property managers are well-trained and expect to earn a competitive wage.

Property Manager/Tenant Relationships

If all of your tenants know you and you have a good relationship with them, this may become strained if you hire a property manger that the tenants do not like. This is why carefully interviewing candidates for the position is so important. You want your tenants to stay with you as long as possible. Hiring a person who has worked with the public for a long time, who understands the needs of others, and who will do everything in their power to make tenants happy, is the type of person you will want to hire.

Property Management Options

If you would like to spend less time working and more time traveling, spending time with family, or taking on another job, you have options when it comes to hiring a property manager.

• Part-time management – Hiring a property manager on a part-time basis will give you more time to spend away from your properties.

• Bookkeepers – If you still enjoy interacting with tenants and vendors, then you could hire a bookkeeper who can take care of invoices, rent collection, and bill paying.

• Business Phone Line – Instead of always being on the job, you can set-up an automated phone line that can be used for emergencies. While you will still have to take care of the issue, it won’t intrude as much in your life as it would if you were using your home phone line.

Property managers can be an asset to those who are ready to work less, but still maintain their properties. Choosing a property manager that is dedicated to their job may be difficult at first, but once you find the right one, you will have more time on your hands to enjoy your life.

From Comla.com

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