If you have a property that you want to rent out, you can hire a property manager to help you manage tenants, collect rent and maintain that property. If you are a landlord or property investor, here are some common tasks you could contract a property manager to be responsible for.
Managing tenants
A core responsibility of property managers is finding tenants, screening them by running credit checks or getting references, agreeing leases and handling problems or emergencies once a tenant is living in your property.
When a tenant moves out, property managers are also responsible for checking the space for damages and agreeing what portion of the security deposit should be returned. They also understand the proper way to move forward with an eviction should a tenant not pay rent or breach the terms of their lease. The Balance Small Business gives advice on common mistakes to avoid when evicting a tenant.
Dealing with rent
Responsible for setting rent, collecting it and adjusting if necessary, a property manager can ensure you’re getting the best return on your investment, as they understand the market and can set the prices at the right level to attract tenants to your property.
Maintenance and repairs
Property managers are responsible for keeping the property in safe and habitable condition by conducting regular maintenance and, when necessary, emergency repairs.
Whether you are a landlord of a small flat or the owner of a freehold on a large block development, maintaining your property is a key service that property managers can deliver for you. For property management Cheltenham is well served, with companies such as Complete Property Group offering block management and other services (https://www.completepropertygroup.co.uk/property-block-and-estate-management/).
Knowledge of the law
Professional property managers have experience in the laws that apply to letting out your property, for instance, ensuring you do not discriminate when screening a tenant or terminating a lease, or complying with health and safety standards.
Budgeting and taxes
By maintaining records and overseeing how much is spent on property maintenance or in emergency situations, property managers can be a valuable support to you when submitting tax returns and determining insurance levels required for your property. The property manager should keep records of all income and expenses, inspections completed, leases signed, maintenance requests, repairs completed, any complaints and rent collected.
