Types of professional property managers
Real estate property management is something that implies monitoring, caring and looking after a place to make sure that everything is fine and the living conditions are acceptable.
Full service property management takes full care of your building. Repairing and maintaining it is on the list of to-do things. This means that a property manager goes a full rental cycle.
When an owner wants to put their real estate on the rental market, the property manager finds a reliable tenant. Then the property manager sets everything up, including inspections and contracts, up to the point when the tenant moves in. After that, the property manager only comes in to check on the tenant and to get the monthly rent.
A distinction needs to be made between residential property management and commercial property management.
A residential property manager works with private property: homes, apartments, and different accommodations. The manager does all the work on behalf of the owner, starting from analyzing prices on the market and communicating with potential tenants.
A commercial property manager works in pretty much the same way but with business offices, buildings, storages, shopping places, and others. Just like the residential property manager, their main goal is to make an income for the property owner.
All managers need to know how to make the best off the property, so they need to have the following skills and responsibilities:
- Screening the tenant;
- Ensuring the vacant period is as short as possible so the owner doesn’t lose money;
- Working on legal issues;
- Making lease agreements;
- Collecting the rent from the tenant.
The property manager is an important figure in your renting process. There is a high chance that you might miss some small things while working on renting your property on your own. By engaging a professional property manager, you will be able to relax and sit back while the money still flows in.