Turning a real estate investment into a profitable business should never be a solo operation. If you want to compete with and stand out among the growing number of rental agencies in Boise, Idaho, you will need a capable and reliable partner. This is where property management comes in.
A property manager will oversee the nitty-gritty of your income property’s everyday operation. Here are six main responsibilities that your property management will take care of for you:
- Financial management
Money is always a meticulous matter. And if you are an enterprising investor with multiple income-generating ventures, hiring a property manager for your rental property is a step in the right direction.
While you can always keep an eye on your bottom line, your property manager shoulders the load of more specific financial concerns. These include setting and adjusting rent rates, as well as larger-scale responsibilities like creating and managing budgets for the property.
Having an experienced property manager also comes in handy when it comes to making sense of local taxation laws that apply to income properties.
- Occupancy management
Every property owner wants tenants who are capable of abiding by the rules and regulations of the building.
Screening ensures a peaceful and sociable environment for your property’s tenant community. At the same time, you can rest assured that your property will not be at risk of any serious damage resulting from negligent or reckless behavior. Property managers take responsibility over this important process.
On the other end, your property manager also exercises the authority to evict delinquent tenants. Competent property managers are well-versed in local landlord-tenant laws, ensuring that they are capable of handling tense situations like these in a dignified and professional manner.
- Tenant relations and supervision
Dealing with the needs and concerns of dozens of tenants can be overwhelming for any property owner. Property managers, however, have studied and trained to handle this demanding and often tedious role.
In dealing with tenants, property managers must be responsible for:
- Ensuring timely and consistent collection of rent
- Receiving and addressing tenant feedback and requests
- Assessing the level of comfort and satisfaction of all tenants
- Getting a feel of tenants’ level of interest in your rental property as compared to competing options in your area
- Marketing strategies
Property managers do not just deal with tenants who already occupy the rental property. They must also know how to draw in new ones whenever there are vacancies.
Advertising a rental property and creating compelling marketing materials are an exercise in nuance. To attract potential new tenants, property managers must have a keen understanding of what the local renter market wants.
A savvy property manager can also provide property owners with ideas for feasible marketing programs that ensure maximum occupancy. Special promotions can also be a strategy to encourage consistent rent payments.
- Facilities management
Property management duties also involve the maintenance of the physical property. This includes all structures and outdoor areas on the property. In case of vacancies, the interiors of the unoccupied units are also the property manager’s responsibility.
Upkeep of the physical facilities and amenities must always be done with tenants’ safety and comfort in mind. All parts of your income property must be both presentable, conducive to both leisure and productivity, and in perfect working condition.
Reactive and preventive approaches to maintenance are essential. Property managers must be ready to respond to repair requests, while also taking a proactive stance to getting inspections, pest control, and other maintenance work done on a regular basis.
In this sense, access to an extensive network of local professional service providers is a good quality to look for in a property manager.
- Administrative and risk management
With a competent property manager at the helm, you do not have to worry about supervising your building’s staff and personnel by yourself. There is no need to get anxious about mountains of paperwork piling up. You will not miss due dates for important fees and legally required reports and records.
It’s your property manager’s job to be organized and stay on top of everything.
Property managers specialize in dealing with administrative requirements. They help you keep consumer complaints at a minimum, and avoid troublesome disciplinary actions or sanctions altogether.
Looking for property management experts in Boise, Idaho? Meet First Service Group.
Ready to explore your lucrative investment options in the Boise, ID real estate market? Call First Service Group today at 208.343.9393 or email Chris(at)FirstServiceGroup(dotted)com to get started.
For a breakdown of specific tasks that you should expect your property manager to perform, read this related guide.