When you decide to purchase rental property, you take a leap knowing there will be many challenges up ahead. There are many factors that must be dealt with every day and you cannot simply rent the premises to the first person who comes along and expect to just collect the rent each month without doing anything else. Vision Realty can help you better manage your property, so you can relax a little.
The first place where property managers encounter issues is with leases. First and foremost, they need to perform background checks and interviews in order to find the right people to rent to and ensure that those that live on the property will not destroy it, neglect it, or fail to pay the rent and need to be evicted. In addition, the terms of the lease must be pleasing to both the tenant and the owner. Often, once they get one place rented, another will go vacant and they will need to fill that one, as well. So, the process starts all over again.
It has been estimated that it costs seven times more to bring on a new tenant then it does to renew an existing one. Therefore, taking care of them should be a property manager’s main job and one thing that has not and will not change is a tenant’s demand for comfort. They want the heating to work in the winter, the air conditioner to work in the summer, and they want to feel secure as well as have pride in where they live. What that means is that, regardless of the day or time, the property manager will be the one notified when something breaks and needs to be fixed.
In addition to signing leases and fixing problems, property managers are also in charge of the money flow for the property. They have to make sure that everyone that lives there pays the rent on time. In addition, he or she must also make sure that everyone that works there gets paid and that all of the bills are processed in a timely manner. This includes all utilities and maintenance costs.
Property Managers and Other Employees
A property manager cannot usually do the job on their own. They need help fixing the various things that break, managing the books and dealing with tenants moving in and out. Therefore, he or she must hire others to lessen the workflow. This may be in the form of one or two people contracting out to other businesses, depending on the size of the property being managed and if that is the only real estate being managed.
If you have rental property in the El Paso area and are in need of a property manager, contact Vision Realty. We can help you from finding the right tenants, to creating useful leases, and back again.