Managing Real Estate: A Guide for Property Owners

If you’re a homeowner (or plan to become one soon), then you know that there’s a lot more to keeping your property in good condition than just mowing the lawn and taking out the trash. Taking care of the day-to-day jobs, responsibilities, and maintenance of your property can be a big job. This is especially true if you own an investment property or two, along with your own home to manage. What can you do to lighten the workload a little? Hire an experienced professional, especially if you have multiple properties to oversee or simply don’t have time to do it all yourself. Residential property management is designed to help take some of this burden off your shoulders by providing expert assistance with your property and all that it entails.

If you’re considering hiring a residential property manager to help take care of your real estate investment properties, it’s a good idea to do your homework first. Finding and hiring the right residential property management company to help you take care of all the details, from repairs and maintenance to finding tenants and collecting rent, is key to lightening your load, saving you time, and maximizing your passive income.

Here’s what you need to know about residential property management.

What is Residential Property Management?

Residential property management is the process of overseeing and coordinating the day-to-day operations of a residential property. Residential properties can include single and multifamily homes, townhomes, condominiums, and apartments. A few common examples of tasks that can be taken on by property managers include finding and screening tenants, collecting rent, and handling repairs and maintenance. A property management company can take care of all these tasks for you, giving you more time to relax and peace of mind that your rental property is in good hands.

Why Use a Property Management Company?

There are many benefits to using a property management company.

Save time: Dealing with the everyday operations of a rental property can be time-consuming, especially if you have other responsibilities at home or work. A property management company takes care of all the important details for you, so you can focus on other aspects of your life.

Save money: Managing a rental property yourself can sometimes lead to unexpected costs and missed opportunities, such as not taking advantage of tax breaks or losing money from vacant rental units or uncollected rent. A property management company can help you save money by finding the right tenants, maintaining competitive rental rates, collecting rent in a timely manner, handling maintenance issues quickly, accessing exclusive company repair discounts, and more.

What Services Do Residential Property Managers Offer?

Residential property management companies offer a wide range of services, including:

Tenant screening and placement: Finding high-quality tenants is one of the most critical elements of a successful rental property. Property management companies use rigorous screening processes to evaluate potential renters. This typically includes identity verification, background and credit checks, employment and income verification, and rental history and landlord references.

Rent collection and payment processing: Consistent cash flow is essential for your financial success as a landlord. Property managers handle rent collection and late fees, online payment portals for tenant convenience, enforces lease payment terms, and issuing receipts, notices, and legal follow-ups when needed. This service ensures that you don’t have to chase down rent payments or handle awkward money-related conversations.

Maintenance and repairs: Property management companies coordinate both routine maintenance and emergency repairs to keep your property in excellent condition. Services may include 24/7 emergency response, preventative maintenance, handling tenant repair request via online portals, and vendor coordination.

Before choosing a property management company, it’s important to determine which services you need so that you can find a company that offers the right combination for your rental property.

Are There Any Risks to Using a Property Management Company?

While there are many benefits, there are also a few considerations:

Less Control: You’ll delegate many of the day-to-day decisions, though a clear management agreement and good communication can alleviate concerns.

Cost: There will be a fee for services, so it’s important to ensure the value and ROI are worth the cost for your individual situation.

Property Owners—When Should You Hire a Property Manager?

You may benefit from hiring a property management company if:

• You don’t live near your rental property
• You own multiple properties
• You lack the time, skills, or desire to manage day-to-day operations
• You want a hands-off, passive income experience

Choosing the Right Property Management Company for You

When researching companies, look at:

• Their experience with properties like yours
• Reviews and referrals
• Pricing models and transparency
• Communication style and responsiveness
• Services offered

Don’t hesitate to schedule a consultation or ask detailed questions. A good company will welcome the opportunity to help you make an informed decision.

Let ERA Brokers Handle the Heavy Lifting

About Us: At ERA Brokers | Colonial | Donahoe we are a brokerage infused with proprietary real estate technology. As part of Brokers Holdings, our organization operates commercial and residential brokerages in Arizona, California, Texas, Nevada, and Utah. With over 800 agents and staff, we collectively close over 5,500 transactions worth more than $2 billion in value annually. In addition, we manage nearly 2,500 property management units worth nearly $1 Billion in value for our clients. Founded in 1982, the firm has been helping clients for more than 40 years.