The Four Responsibilities of a Property Manager

Posted by Matthew Lindsay on Thursday, June 21st, 2018 at 1:19pm.

There are many choices when it comes to selecting and hiring a property manager. With so many options, it can be difficult to know how to select the right one from the beginning. Below we will cover the four main responsibilities your property management company should offer.

The Four Responsibilities of a Property Manager

  1. Set the Rent Logically

Setting rent may seem like a easy task, but is often times done incorrectly. Many of the do-it-yourself landlords look to Zillow or Craigslist when setting their rent, which is like going to a car dealership to price your 2000 Honda Accord based on the current year’s model; it is not accurate and won’t sell. These websites can be good resources, but when used alone will not give you all of the information you need. That is because it is only showing you what is available on the market, not what has actually closed and accepted terms. What is available may be grossly overpriced, which may be why it hasn’t been leased yet. Basing your price on what’s available, instead of what has actually been leased, will provide inflated rent prices that potential renters likely won’t want to pay.

A good property management company will have a portfolio of rental properties that they have leased. They will keep statistics on rent prices, trends and fluctuations from year to year, and have the knowledge of rent differences for various styles of properties. With this knowledge, they can provide you with a current market price on what you can expect to get, along with the average days it should take to find a qualified tenant for your property.

 

  1. Maintenance and Repairs

Imagine you’re sitting down to Thanksgiving dinner with your family and friends, you get a call from a tenant saying that they caught the siding on fire because they were trying to deep fry a turkey outside. Sounds like fun, right? No, it doesn’t.

This is a perfect example of why you hire a property management company to take care of your investment. Your property management company should be fully equipped to take care of emergencies like this one, as well as regularly scheduled repairs and maintenance. They should have a maintenance team or a partnership with a company to handle those repairs and attendance to all tenant requests including emergencies.

Ensuring maintenance via your property management company is both cautionary and proactive. A great property management company will have a calendar built out with various annual maintenance items scheduled. Things like spring clean-up, annual heating systems inspections, winterization, and periodic unit inspections are only some of the recommended maintenance items.

 

  1. Landlord Tenant Act

Utilizing a great property management company can save you thousands just by preventing avoidable lawsuits. The Landlord Tenant Act is a set of rules and regulations that landlords must abide by to stay legal in their renting practices. It covers everything from marketing vacant units, how and when you may enter an occupied unit, how to manage your rent accounts vs security deposits and much more. There are many ways a landlord could break these rules and regulations and not even know it, which is where the property management companies truly save a landlord the most money and prevent risky situations.

When looking at hiring a property management company, check out their legal history, see what lawsuits they have been a part of and how many they have lost or settled. Almost all management companies have been in a lawsuit, it’s the nature of the business. Being a part of one is not a bad thing and should not deter you from hiring them, it is only when they have settled or lost cases that should question.

 

  1. Run it Like a Business

People who don’t treat their real estate investments as a business tend to run into the most issues with them. When you run a business, you seek to make a profit and constantly look for new ways to add value and revenue. You want a property management company who embodies this as a core value, which will ensure that you as the landlord are in the best position to increase your cash flow. They will keep track of all of your expenses, adhere to a budget and look for ways to to raise your income. This can be done in many ways including strategic property improvements, knowing the rental market and staying true to it, better marketing and finding new ways to add supplemental income.

 

Property management companies will put an investor at ease by being responsible for all things liable, including emergencies and risky legal situations with tenants, as well as assessing ways to make the investor more money. Hiring a property management company is an efficient way to ensure the success of your investment.

Looking for a property manager for your new investment? Precision Home Group offers resources and referrals to great companies all over Alaska that will provide the best service and care for your property. Contact Matthew Lindsay in Anchorage today! 907.302.1011

 

Residential, Condominium, Multi-Family in Anchorage under $600,000

691 Properties Found. Page 1 of 47.
Photo of Listing #20-3185

2702 Mcrae Road, Anchorage

$600,000

MLS® # 20-3185

Listing Office: Real Estate Brokers of AlaskaAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-19197

11421 Bearpaw Street, Anchorage

$600,000 - 3 Beds, 3 Baths, 2,241 Sf

MLS® # 19-19197

Listing Office: RE/MAX Dynamic PropertiesAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-3082

1008 E 9th Avenue, Anchorage

$599,900 - 12 Beds, 6 Baths, 6,468 Sf

MLS® # 20-3082

Listing Office: Keller Williams Realty Alaska GroupAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-2811

4000 Harrison Street, Anchorage

$599,900 - 9 Beds, 7 Baths, 4,512 Sf

MLS® # 20-2811

Listing Office: Keller Williams Realty Alaska GroupAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-5317

2825 Lily Street, Anchorage

$599,900 - 6 Beds, 5 Baths, 3,674 Sf

MLS® # 19-5317

Listing Office: RE/MAX Dynamic PropertiesAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-5315

2824 Rose Street, Anchorage

$599,900 - 6 Beds, 5 Baths, 3,674 Sf

MLS® # 19-5315

Listing Office: RE/MAX Dynamic PropertiesAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-4032

6032 Heather Wood Circle, Anchorage

$599,000 - 5 Beds, 3 Baths, 2,686 Sf

MLS® # 20-4032

Listing Office: Dwell RealtyAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-2186

2780 W 80th Avenue, Anchorage

$599,000 - 5 Beds, 4 Baths, 4,728 Sf

MLS® # 20-2186

Listing Office: RE/MAX Dynamic PropertiesAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-806

Unit #c - 617 N Street, Anchorage

$599,000 - 3 Beds, 2 Baths, 1,890 Sf

MLS® # 20-806

Listing Office: Keller Williams Realty Alaska GroupAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-387

Unit #2 - 727 O Street, Anchorage

$599,000 - 2 Beds, 3 Baths, 1,748 Sf

MLS® # 20-387

Listing Office: Firebird Realty, LLCAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-15992

L33 B4 D Ava Circle, Anchorage

$599,000 - 4 Beds, 3 Baths, 2,481 Sf

MLS® # 19-15992

Listing Office: Keller Williams Realty Alaska GroupAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-11782

4909 E 24th Avenue, Anchorage

$599,000 - 3 Beds, 1 Baths, 2,468 Sf

MLS® # 19-11782

Listing Office: Keller Williams Realty Alaska Group of Eagle RiverAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-17622

3207 Morgan Loop, Anchorage

$595,000 - 5 Beds, 3 Baths, 2,728 Sf

MLS® # 19-17622

Listing Office: Keller Williams Realty Alaska Group of Eagle RiverAlaska Multiple Listing Service Inc Logo
Photo of Listing #19-16483

1927 Spenard Road, Anchorage

$589,000 - 3 Beds, 3 Baths, 2,600 Sf

MLS® # 19-16483

Listing Office: Herrington and Company, LLCAlaska Multiple Listing Service Inc Logo
Photo of Listing #20-3933

15610 Noble Point Drive, Anchorage

$585,000 - 4 Beds, 5 Baths, 3,726 Sf

MLS® # 20-3933

Listing Office: Coldwell Banker Best PropertiesAlaska Multiple Listing Service Inc Logo

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Listing information last updated on April 3rd, 2020 at 10:04pm AKDT.