What Does Property Management Mean?

What Does Property Management Mean? hero

 Whether you own property as an investor or as a homeowner, you’ll need to manage the property effectively and responsibly.

Choosing the right property manager can be a tough decision. In this blog, we explore the different factors you should consider when selecting a property manager.

Property Management Defined

Property management refers to the process of overseeing and managing commercial and residential properties. This includes taking care of all the daily operations, from upkeep and repairs to finding new tenants when leases end.

There are a variety of property managers with different specialties. Some might focus on a niche area like student homes or affordable housing, while others provide general services to many types of properties.

What is a property manager?

A property manager is someone who manages properties for others.

In a property manager role, typical responsibilities include finding tenants, collecting and depositing rent, overseeing repairs and maintenance, and dealing with tenant relations. The number of duties a property manager has will depend on their contract with the landlord. They can be hired by both investors and homeowners.

Why use a property manager?

A property manager can help you avoid common pitfalls and improve your overall investment strategy.

Property managers typically charge a percentage of the rent collected; this means a property manager has a vested interest in maximising your rental income, whereas homeowners often have an incentive to keep rental prices down.

Here are some benefits of hiring a property manager:

  • They can help you avoid discrimination lawsuits by screening tenants and turning away those who don’t qualify, based on factors like income or credit score.
  • Property managers will have experience with tenant rights and special circumstances, such as people with disabilities or families with children.
  • They can help you find good tenants who will pay rent on time and treat the property with respect.

If you’ve gone through the effort of investing in real estate, you’ll want to protect your investment and make sure it’s profitable. A property manager can help with this.

Other Responsibilities of a property manager

As we have established, a property manager is responsible for many aspects of the property management process, but there are also other areas they’ll take care of so that you don’t have to, such as:

  • Overseeing repairs and maintenance: Property managers will inspect the property regularly and let you know if repairs are needed.
  • Managing tenant relations: When there’s a dispute between you and a tenant, a property manager will help resolve the issue and keep you informed.

Finding the right property manager

Before hiring a property manager, ask friends and family for recommendations. You can also use online review sites to find property management companies near you.

To find the best property manager, you should be looking for these qualities:

  • Previous experience managing properties like yours: If you’re renting out a large family home, you’ll need a different property manager than if you’re managing a large apartment building.
  • A good reputation: You can find out about other people’s experiences working with the property manager by checking out online reviews and seeing if there are any complaints
  • Licensed & insured: If anything goes wrong, you’ll want to make sure you’re covered.
  • Fair pricing: Property managers charge a percentage of the rent, so you’ll need to consider your rental income when determining the percentage.

To Summarise

A property manager can help you maximise your rental income and protect your investment. There are many advantages to hiring a property manager, including finding better tenants, avoiding discrimination lawsuits, and managing repairs and maintenance.

Property Management with Jones Robinson

Here at Jones Robinson, we have a team of experienced and qualified individuals who excel in making Property Management stress-free and easy to understand.

Our goal is to manage your property as effectively as possible. We are aware that it can be time-consuming and a minefield for landlords.

About Jones Robinson Estate Agents

As leading local letting agents in Newbury, Didcot, Lambourn & Hungerford, Marlborough, Devizes, and the surrounding areas, we have vast experience in lettings and property management.

At Jones Robinson, we recognise that each property and landlord is unique and that landlords rent out properties for a variety of reasons.

By offering a personalised service we can tailor the letting and timeline to both landlord and tenant requirements as we don’t believe the “one size fits all” approach, works in this industry.

We are also very transparent with clear and easy-to-understand information available to both landlords and tenants alike.