Real estate properties are one of the best investments that you can own. However, they can be difficult to manage. You’ll need a dedicated estate manager to put in a lot of time and effort in handling your tenants, conducting maintenance and repairs, and ensuring that you’re getting maximum profit off your property. Let’s explore the key benefits of hiring a property manager, and why having one is a smart move.
What is Another Name for a Property Manager?
Another name for a property manager is a real estate manager or, simply, an estate manager. Other related terms used interchangeably are property administrator, property supervisor, and property asset manager.In some cases, the terms may have slightly different connotations or refer to different types of properties. No matter the title, they all refer to professionals who are responsible for managing real estate properties on behalf of property owners or investors. More often than not, these owners reside far from their respective properties, increasing the need for a hands-on manager.
What Is the Role of A Property Manager?
An estate manager takes care of all the areas involved in keeping a property in its best condition. Below is a comprehensive list of the most common duties that they may perform.
Rent and Lease Management
A manager will be responsible for setting rental rates, collecting monthly rent, enforcing lease agreements, and handling tenant evictions whenever necessary. They will also prepare monthly financial reports for the clear overview of the property owner.
Tenant Management
If the property needs tenants, it will also be the manager’s duty to find and screen tenants. They will handle the marketing for for-lease or for-rent posts. Similarly, you can expect the managers to manage your existing tenants by handling complaints and requests, managing tenant turnover, and ensuring that your property is occupied at all times.
Maintenance and Repairs
An estate manager will oversee regular maintenance, look out for structural issues that need repairs, and hire professionals to do the said necessary repairs. Overall, they will be responsible for guaranteeing that the property is well-maintained and stays in its best state.
Marketing and Advertising
Related to tenant management-related tasks, the manager will also lead marketing and advertising efforts in finding potential tenants, making the property as appealing as it can be to the prospects. They will also hold tours and visits to ensure better end results.
Financial Management
The manager will also be responsible for handling finances. This involves setting a budget for a certain period, managing the property owner’s budget, forecasting expenditures, allocating the money for all the necessary areas in property management, and providing detailed reports by the end of the period.
Legal Compliance
Taking care of legal-related matters is one of the complex tasks that a real estate manager will do for you. That said, they can rely on a project manager to ensure that the property is compliant with all local, state, and federal regulations and laws. These include complying with fair housing laws and landlord-tenant laws.
Facility Management
The manager will oversee all the facilities within the property’s premises. They will keep track of its daily operations, including security, cleaning, and landscaping. They will also maintain these facilities, and ensure that they are readily available for your tenants’ needs.
Communication and Reporting
One of the main responsibilities of a good manager is to provide constant communication and reports with the property owner. This is most important if the owner is located far from the property that needs managing. The manager will give clear and complete insights regarding the property's performance, and respond promptly to any questions or concerns that either the owner or potential tenants may have.
Risk Management
The property manager also conducts a thorough risk analysis and management. They will identify and mitigate any potential risks associated with the property, such as security risks, safety hazards, or liability issues.
What is Typically the Overall Goal of the Property Manager?
The overall goal of a manager is to ensure that the real estate property is well-managed and maintained, in a way that the property owner can benefit from its maximized value and profitability. Ultimately, a property manager aims to ensure that the property operates smoothly and efficiently, while also providing a safe and comfortable environment for tenants or occupants. By achieving this goal, the manager can help increase the property's revenue and value over time, while also minimizing expenses and risk for the property owner or investor.
Why Should You Have a Property Manager?
Having a property manager is completely optional, but equipping your property with one will benefit you in a lot of ways. Here are some reasons why you should have one.
Time Savings
Managing a property can be a time-consuming task, particularly if you have multiple properties or you have a full-time job to cater to. With an estate manager, you won’t have to worry about taking care of all the day-to-day tasks involved in property management, such as finding tenants, collecting rent, and handling maintenance and repairs.
Expertise and Experience
Managers have specialized knowledge and experience in managing real estate properties. This can be particularly helpful if you’re new to the industry or don't have much experience managing properties. They can help you navigate complex legal and regulatory issues, provide insights into market trends and rental rates, and help you make informed decisions about your property.
Tenant Screening and Retention
One of the most important tasks of a manager is finding and retaining high-quality tenants. These experts can conduct thorough tenant screenings to ensure that tenants are reliable and financially stable. They will also handle all communication with tenants to address any issues that may arise, taking more off of your plate.
Cost Savings
While hiring a property manager does involve some additional costs, it can also result in cost savings in the long run. An estate manager can help reduce maintenance and repair costs by conducting regular inspections and addressing issues before they become major problems. Because of their upselling and cross-selling skills, they can also help maximize rental income by setting appropriate rental rates and marketing the property effectively.
Peace of Mind
One of the most valuable benefits of hiring a property manager is the peace of mind that comes with knowing that your property is in good hands. Since they will handle all aspects of property management, from finding tenants to handling emergency repairs, you can rest assured knowing that your property is well-taken care of.
How Much Does It Cost to Have a Property Manager in the USA?
The cost of hiring a manager in the USA can vary depending on a number of factors, including the location of the property, the type of property being managed, and the specific services provided by the property manager. Generally, property management fees are charged as a percentage of the monthly rental income, typically ranging from 8% to 12% of the rent collected. However, some estate managers may charge a flat fee or a combination of a flat fee and a percentage of the rent. In addition to management fees, you also have to take other expenses like leasing fees, vacancy fees, maintenance fees, and repair fees into account. These costs will vary depending on the specific services provided by the estate manager and the terms of the management agreement.
Work With the Best Property Manager from the Philippines
Having a property manager will give you security and peace of mind over your property and tenants. It will be easier for you to get a hold of your monthly collections, prevent estate-related issues, and maintain the overall state of your property. Do you want to get the best property manager for your property? Outsource the best property management services to KDCI. With us, you can rest assured that only hands-on real estate experts will handle your needs. You can also expect to enjoy cost savings since you’ll be outsourcing to the Philippines, a developing country with lower labor costs. We also recommend outsourcing Print Graphics services if you want to market your real estate better. Meanwhile, we also offer offshore staffing solutions. Check them out if you need professionals in areas like customer support, finance and accounting, digital marketing, and web development. Learn more about our property management services. Contact us today! Contact Us
