garmanupdate property management

Managing Properties

Although today many people invest in properties by buying them and renting them out, not so many are interested in actually managing those properties. This means that property management companies like are essential. These are companies that specialize in property management and so are professional and can ensure that a property sees regular income for the owner, plus ensure that the property maintains its value through regular maintenance. It will usually be the property manager that sets the rental price as they are aware of rents charged for similar properties in the same area. Setting the correct rent is important as if you charge too little, there will be no profit for the owner but if you charge too much, the property may sit vacant for long periods of time which will also mean the owner receives less than they would like from their investment.

The property managers not only set the rent but also collect it and so they are usually careful on who they accept as tenants. Although they cannot discriminate by religion, race or nationality, they can discriminate by financial standing. Most of the better professional property management companies will therefore properly advertise when a property is available to rent in order to receive as many applicants as possible as that will allow them a wider choice to choose from. The managers will look at a potential tenant’s history to see if there is any non-payments or disputes with previous landlords. They will check on a potential tenant’s work status and may run a credit check, trying to ensure that if that applicant is accepted, they will pay their rent on time.

The property manager will responsible for any complaints or requests that tenants may make and settle as amicably as possible. Of course if a tenant has a problem with some aspect of maintenance, the manager will oversee that maintenance and may even set up routine maintenance checks, ensuring that the property properly maintains its value, looking after the owner’s investment. The property manager will also do inspections of the property for proper cleanliness each time there is a change in tenant, ensuring that at least at a tenancy change the property is thoroughly cleaned. If a departing tenant does not leave the property as clean as the manager would like, the manager, at that tenant’s expense, will hire a professional cleaner to bring the property up to the required standard, again looking after the owner’s investment.

Although a property management company will make a charge for their services, usually around 10%, most property investors think that the charges are reasonable considering that the managers are taking good care of their investment and are ensuring a regular, trouble free, income for them. The managers are also often essential as the owners may not even live anywhere near the properties they own and so would spend a lot just on transport each month, just to collect the rent and then of course they may have to deal with evictions themselves, all too much trouble.