If you’re like many people who own an investment property – whether it’s something you inherited, you moved and couldn’t sell, or you went out of your way to purchase it – you know that finding and helping tenants can be a pain. For that reason, many people choose to hire .
Property Management, Explained
Property management is the daily oversight of a residential (or commercial or industrial) property. Managing your own property can become a full-time job – and for most people, that’s just not feasible. Property managers handle things like maintenance, repairs, rent collection, tenant screening and other issues so that the property’s owner is free to focus on other things.
Property Managers’ Responsibilities
Although every property management company is different, many perform these services:
- Advertising for empty properties
- Tenant screening
- Rent and fee collection
- Tenant assistance (through phone calls, emails and texts)
- Maintenance requests and repairs
- Move-out inspections
- Annual property inspections
- Security deposit returns
- Lease renewal negotiations and rent increases
- Property bill payments (such as HOA, mortgage and some utilities)
- Lease enforcement and housing court assistance
- Electronic funds transfers of rental payments
- Detailed monthly and yearly statements
Who Needs to Hire a Property Manager?
Anyone who doesn’t want to handle day-to-day operations related to owning a rental property can benefit from hiring a property manager. It doesn’t matter whether you live in Boston, Los Angeles or somewhere halfway across the globe – if you don’t want to deal with tenant requests, lease agreements or rent collection, a property manager may be an invaluable asset to you.
How Do You Pay a Property Manager?
Most property managers deduct their fees from collected rents. That means your tenant pays the property management company, your property manager deducts his or her fee, and then sends the remainder of your rent payment to you. You’ll get detailed monthly and annual statements, as well.
What if a Property You Own Needs Repairs?
Generally, your property manager will discuss repairs with you and give you some options. For example, if your rental property’s dishwasher fails, your property manager will call you and talk about having the existing dishwasher repaired versus replacing it with a new one. He or she will also tell you how much each scenario will cost. After you settle on an option, your property manager will make sure everything falls into place; he or she will schedule the service, ensure that it’s completed, and deduct the cost from your next monthly rent payment.
Do Property Managers Properly Screen Tenants?
so you don’t have to. Many perform background checks and interview prospective tenants to ensure that they’re a good fit for your rental property. They’ll even check references – sometimes you can get a lot of actionable information from past landlords.
Do You Need to Talk to a Property Manager?
We’re here to help you every step of the way – all you need to do is sit back and collect your rent payments.
Call us at 617-262-3075 or fill out the form below now to find out how we can take all the stress out of renting out a property in Boston. We’ll take it from here!
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