A real estate manager is an extremely important part of investing in real estate property. The right real estate manager can help you make the maximum amount of money off of your properties and take away most if not all, of your stress about your property investments. Many real estate investors try to manage their properties on their own, but unless you know a lot about the area and property management, you are most likely leaving money on the table. Real estate managers are experts in the business as well as the area that they work in, which is why it is best to leave it to them. While almost any real estate manager will have more knowledge and expertise in the field, it is important to look around to find a property manager who has all of the desired skills and experience required for managing your properties.
There are many different types of properties including vacation rentals, office buildings, and apartment complexes, and each one requires a different set of skills and knowledge. While a good property manager will be able to handle any property, it is usually best to find someone who specializes in your specific type and number of properties.
Property Managers for Small Real Estate Holdings
When you only have a small number of rental units, maintaining a full occupancy is extremely important. Let us pretend you have two townhouses that you rent. You want to make sure that each of those houses is always being rented because otherwise you are not making any money. In this situation, you need a real estate manager who can keep your properties filled and who can also ensure that the tenants are happy with their living situation. Additionally, however, you want to make sure that your property manager will take the proper steps to ensure that your renters will pay the bills in full and on time.
Property Managers for Larger Real Estate Holdings
Obviously with larger properties such as apartment and condo complexes, you still would appreciate maintaining 100% occupancy, but if a couple of the apartments are vacant for a little while, this will not put a big dent in your cash flow. If you have a large number of rental units, then one of the important things to consider when choosing a real estate manager is his or her ability to manage employees and contractors. With a large property, your property manager will have to deal with landscapers, snow removal teams, and maintenance crews. You want to hire someone who is personable and can maintain a positive relationship with local contractors.
In both situations, the perfect real estate manager will have the ability to keep your tenants happy. He or she will do this by maintaining the property and handling any concerns or complaints that your tenants have promptly. Additionally, it is best if your manager goes above and beyond to make your tenants happy so that in case there is an issue, it will easily be forgiven.