When hiring a property manager, look for someone who is stern, but willing to work with your tenants. Having someone who is not afraid to confront tenants about late rent takes the stress off of you. If your property manager is going to be responsible for collecting and depositing the rent for you, make sure to have them give tenants a receipt to clear themselves of any wrongdoing.
Property managers can be paid a variety of ways. One of the cheapest ways to have someone manage your property is by offering an exchange of rent for their work. This keeps you from paying any money out of pocket, and property managers often still pay partial rent. If possible, only offer this type of opportunity to someone who is willing to stay on the property and continue performing their duties for at least a few years. This gives other tenants a sense of stability. This is especially helpful in a mobile home park, since many residents will live there for many years. Having a manager who will form lasting relationships with tenants will save you time and money down the road.
Your property manager can alert you of problems with tenants before they escalate, hopefully decreasing the need for evictions. A good property manager will be able to tell the difference between a tenant who is having a real issue that is keeping them from paying rent on time, and one who is just slow or lazy about getting you the money. If your property manager sees a tenant is having money trouble, they might be able to negotiate a lower rent. Although your monthly income may be slightly lower, it is better than losing a tenant all together.
When living on site, property managers have a vested interest in keeping the property clean and neat in appearance. Hopefully they will decrease other costs associated with a rental property such as general maintenance and cleaning.
1 comments:
You've just well emphasized the effective benefits of hiring a stern property manager. Initially, doing the business with the help of an expert has always been the best, property managers will stand as your immediate business assessor that would be of great use.
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