When you own a lot of property that you rent out for either a primary or secondary income, you can quickly become overwhelmed with all the things that need to be done around the properties. The solution is to hire someone to help you manage the day to day responsibilities that go along with keeping things running. Finding the right person can take a little work but if you know what you want or need from a property manager will help you make that process easier.
Finding The Right Manager
Before you can hire someone to manage your property or properties, you have to define what it is you need from your manager. Hiring someone to screen applicants, show properties and collect rent can take a lot of the stress off you. Make sure you let them know if you are looking for a full-time or part-time manager so you can be sure you are hiring someone dedicated to the job. If you have to chase your manager to get things done, you are not taking the stress off you, you are adding more to your day.
One great way to deal with a large property and keep the manager dedicated to the day to day tasks there is by offering the position with an apartment on the property. You can still have set office hours for them but having them live right on the property allows them to keep an eye on things even when the office is closed. Your manager can be the after hours contact for emergencies as well but keep in mind, if they are constantly being asked to do extra work after hours, you may need to talk about either a salary position or paying them overtime for that extra time.
Hiring A Management Company
Another option is to hire a management service to oversee your property or properties. They will have set times that they are available but can offer things like emergency numbers that go to a monitored switchboard and background check services before a prospective tenant is approved to rent your property. Since this is all the company does, they know what needs attention and what can wait and often they charge a set fee for their services every month. Depending on the company, they may be able to manage the maintenance and security of your property as well but if you are looking for those services, be sure to ask when you talk to the management company so you know if they can help you before you hire them to oversee your properties.