Rental properties can be an excellent source of income for real estate investors but, unfortunately, often come with a host of problems, such as having to stay on top of maintenance, ensuring tenants are happy throughout the entirety of their lease, and even advertising the listing in order to find any tenants in the first place. This can be a serious time commitment, particularly for those with a full time job or other properties to manage, which is why property management is so important.
What does a property manager do?
Property managers provide a comprehensive array of real estate services that relate to the care and maintenance of either one or several rental properties. Property managers are responsible for ensuring that an investment property is a success and have a range of daily duties to deal with. Those duties include:
- Attracting rental applicants via advertising listings
- The collection of monthly rental payments
- Keeping financial statements and having a record prepared for the owner
- The administration and enforcement of rental agreements
- The scheduling of any required maintenance and repair work
- Maintaining positive relationships with tenants and, if necessary, commencing eviction proceedings
Property managers thus have to juggle a multitude of tasks. Property owners who use the services of a property manager can choose the level of their own involvement with their investment property and how much they want to stay in the loop, but even those who do not regularly communicate with their luxury property manager in Kelowna, BC can rest easy that their property is being properly overseen.
