Hiring a good property manager is quite challenging, to begin with, especially if you don’t know what key areas they specialize in. Without a property manager, managing all the finances can be pretty tricky.
What is a property manager? To understand better about this profession, you must first know what they do.
So, what do property managers do? These people are responsible for handling the day-to-day operations of a real estate investment. Property managers tend to manage different kinds of property, from single-unit homes to multi-unit dwellings.
Duties of property managers:
• They are the ones who manage repairs and rentals of your real estate units
• They market and look for potential tenants for your properties.
• They execute lease agreements
• they collect rent on behalf of the landlord
• Conduct interviews with potential tenants.
For some, they are also tasked to collect the rent, do the marketing, and do everything about your real estate property.
Is hiring a property manager a good thing? Hiring a property manager is only good if you have multiple units. They are only a good idea if you have multiple units, but if not, they are a wrong move because they often charge real estate owners 8% to 12%. So, if you only have one property, it greatly affects your profit and gets the more significant piece of the pie in some cases. Your property manager will end up making more money than you making cash flow.
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