Is it worth having a property manager?
While property managers do cost money, they can provide a lot of value to the client. They have marketing know-how and can advertise and perform showings of your property to the rental market. They can collect rent for you and screen potential tenants. They’ll also deal with tenant complaints and repairs, evictions and late rent. Finally, they can manage bill payments to simplify your paperwork and maximize your mental bandwidth.
Chat with top-rated property managers near you to find out if hiring one is worth the cost.
Do property managers offer remote or virtual services?
Contact the property managers near you and ask if they offer remote or virtual services to accommodate the recent social distancing guidelines. For example, some property managers may be able to collect rent by using digital payments and deal with maintenance issues over the phone or via video chat.
How do I find a good property manager?
You can find the best property manager in your area by starting with an online search. Compare profiles and ratings, and read customer reviews — these tend to give a snapshot of the manager’s quality of work and customer service. Additionally, customers may post photos of their properties that give an idea of the pro’s attention to detail.
Licensing is required in some states, so check to see your state’s policies on licenses and certification.
Finally, compare quotes and prices from at least three property managers.
What’s the best way to set up a consultation or an appointment with a property manager during the COVID-19 pandemic?
Ask the property manager if they can set up a virtual consultation or remote appointment using a phone or video chat. It’s best to avoid as much in-person contact as possible during the COVID-19 pandemic. If they can talk virtually, ask any questions you have about the work that needs to be done. Ask about their system for handling payments, and see what kinds of precautions they have in place to ensure safety and social distancing.
Are there ways to be safe if I hire a property manager when social distancing?
If you're hiring a property manager to look after a property that you own, consider the safety implications of in-person visits. Due to the CDC’s social distancing guidelines, it may be difficult for the property manager to collect rent in person or complete certain maintenance tasks. Check with your local government guidelines and consider implementing extra safety measures -- such as wearing a mask and gloves -- if you have to meet with them in person.
Can I use digital payments to pay for property management services?
Some property management services accept digital payments such as PayPal, Venmo and Zelle. Check with the property management business near you to see what kinds of payments they accept. Remember that digital payments are typically considered safer due to the COVID-19 pandemic, as it requires virtually no person-to-person contact.
How can I find out if a property manager is considered an essential COVID-19 service provider?
You will need to check with your city or state government to see if a property manager is considered an essential service provider in your area.
For more information on a national scale, refer to CISA’s document on critical workers. However, keep in mind that some -- not all -- jurisdictions follow CISA’s definitions of critical infrastructure.
Does a property manager need to enter my home?
In most cases, a property manager should not have to enter your home or apartment unless there is a maintenance issue that needs attention. If you are hiring a property manager to look after your property, refer to the CDC’s social distancing guidelines and check on your state or local community rules. Ask the property manager whether they can collect rent through digital methods such as PayPal, Zelle or Venmo, and see if they can communicate with residents through video chat or phone call for maintenance issues.
Do property managers need to be licensed?
The licensing requirements for property managers vary from state to state, but many states require property managers to have a real estate broker’s license and in some cases be a legal resident of a state.
Property management may not be specified in a state real estate statute, but according to the Institute of Real Estate Management their activities may include advertising the availability of a rental property, discussing a property management agreement with an owner, negotiating leases, showing a rental property and collecting rents.
Why is property management important?
A property management company can be a landlord’s greatest asset. As a neutral third party, the property manager handles the day-to-day operations of a real estate investment, from a single vacation home to a large apartment building or several rental properties. A property management company can be especially helpful to landlords who own several units and can’t manage each of them individually, or those who live too far from their investment properties to meet with renters and oversee maintenance. Property management is particularly important if your rentals are part of an affordable housing program. To receive financial assistance from the government, the landlord must comply with a complicated set of rules; property management companies should have both experience and expertise in complying with the rules specific to each housing program.