Although some people may buy properties when the price of those properties in that area are low and then sell them once the prices increase, most property investors buy properties and then rent them out, ensuring a steady income for their investment. Renting property though is not just a matter of collecting rent although that at times can sometimes be difficult, it is also about setting the right price, one which will attract tenants so the property remains empty for as short a time as possible. It is also about advertising that the property is available to be rented and screening any would be tenants. Property management also includes ensuring that the property remains in good condition and does not deteriorate.
It is because there is so much work involved with property management that most property investors opt to hire property managers. Most property managers are professionals like those at http://www.johnhausam.com/ and so they know exactly what rent to charge so that the owner makes a profit but also not too much that it does not attract tenants. Most property managers will already be managing similar properties in the area and so they are well placed to ensure the highest rents are charged but ones which are not unusual for that location or type of property. It is the job of the property manager to screen potential tenants as, after all, it will be them that have to collect those rent payments every month and be sure they are collected on time. In order to charge the full rent agreed though, the property manager will have to ensure that the property remains in the same good condition as it was when the agreement was signed, ensuring all maintenance tasks are carried out correctly, efficiently and as needed.
When tenants move out of a property, it will be the property managers job to inspect the property for damages and cleanliness and if any additional work needs to be done to bring the property back up to its original standard, the property manager will collect it from the outgoing tenant or deduct it from any rebate the tenant was due to receive. The property manager will therefore have to know some good and reliable cleaners and also know the prices they charge. They also will of course be familiar with any maintenance engineers such as plumbers and electricians in the area so that any problems with a property can be remedied immediately or at least as soon as possible after they have been reported or noticed.
The property manager is therefore responsible not only for the aspects concerning tenants but is also responsible for ensuring that the value of the property is maintained, ensuring the owner’s investment is looked after appropriately. Any property investor should therefore use professional property managers whenever possible as it is them that secure the investor’s investment and in doing so help to make that investment profitable as both a short term and long term investment.