One of the questions we get asked the most is why should I hire a property manager? There are a number of things that a property manager can do for you.
Let’s start at the beginning. One of the first things we do is document the condition of your home prior to the tenant moving in. This is important at the end of the lease, when tenants move out because we know exactly where they started and exactly where they ended. We use photographs and reports for this process.
The next thing we do and probably the most important thing to our landlords is – we collect the rent. We get that rent money to you as quickly as we can with a report that explains the expenses, income and a summary of what has been done. One of the most important issues a property manager faces is what to do if your tenants don’t pay rent and we have to evict them. This is a process that requires compliance with a lot of laws. There is a lot of potential for mistakes. We know how to do evictions and when to do them and we know the legal process.
Tenant issues are the day to day problems that pop up from time to time. There might be HOA violations, leaky sinks, and even serious problems like mold. You have to know what to do. Property managers can bring knowledge and experience to the table. We know how to handle these situations quickly and completely and we document everything we do.
A good property manager knows how to get you a tenant. We know where to advertise, how to advertise and when to post the ads. We also take care of HOA situations. Lots of people don’t like them, but they are a fact of life and they must be dealt with. These associations can fine you if a tenant isn’t following the rules and regulations. The important thing is to act quickly and document everything you do. You want to keep HOAs on your side.
Handling other peoples’ homes is a great responsibility. All good property managers have a system of checks and balances to guarantee that any money coming through the door is transparent and accounted for. One of the most disagreeable things we do every year is file our taxes. It’s imperative that your property manager provides a 1099 and a comprehensive statement that helps you file your taxes correctly the first time.
Accessibility is critical in a property manager. The landlord and the tenant must be able to reach a property manager 24 hours a day and seven days a week. We always answer our phones, emails and texts.
If you have any questions about why you need a property manager or why you should choose us, please contact us at Costello Realty & Property Management.