PROPERTY MANAGEMENT 101:
EVERYTHING YOU NEED TO KNOW
WHITE PAPER
Last updated January 5, 2022.
“Why should I hire a property manager?”
I get this question all the time, and it always reminds me of the “simple” projects I try to complete at home. I almost always wish I had hired a professional from the beginning. It’s not just the mistakes I make, but the time it takes away from my family or making money doing something else.
Managing properties is a little like trying to complete complex home improvement projects by yourself. It’s almost always a good idea to hire a professional!
Property management is the process of overseeing and managing real estate properties, including residential, commercial, and industrial properties. Property managers are responsible for a variety of tasks related to the operation and maintenance of a property, including:
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Marketing and leasing: Property managers are responsible for marketing the property to potential tenants and negotiating leases.
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Rent collection: Property managers are responsible for collecting rent from tenants and enforcing the terms of the lease.
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Maintenance and repairs: Property managers are responsible for maintaining the property and coordinating repairs as needed.
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Financial management: Property managers are responsible for managing the financial aspects of the property, including budgeting, expenses, and revenue.
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Tenant relations: Property managers are responsible for maintaining good relations with tenants and addressing any issues or concerns they may have.
Overall, the specific responsibilities of a property manager may vary depending on the type of property being managed and the needs of the owner or investor. There are several reasons why you might want a property manager.
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Time: If you do not have the time or resources to manage your property on your own, a property manager can handle the day-to-day tasks and responsibilities associated with property ownership.
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Expertise: Property managers are professionals with experience and expertise in managing properties. They can help you make informed decisions about your property and ensure that it is being well-maintained.
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Risk management: Property managers can help mitigate risk by handling tasks such as tenant screening and lease enforcement. This can help reduce the likelihood of legal issues or disputes.
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Increased revenue: A property manager can help maximize the return on your investment by ensuring that the property is well-maintained and generating the highest possible rental income.
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Distance: If you do not live near your property, a property manager can handle tasks on your behalf and provide you with regular updates about the property.
Hiring a property manager can be a good decision for property owners who want to ensure that their property is well-managed and generating the maximum return on their investment.
There are several types of property management:
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Residential property management: This type of property management involves managing residential properties, such as apartments, condos, and single-family homes. This may include responsibilities such as leasing, maintenance, and rent collection.
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Commercial property management: This type of property management involves managing commercial properties, such as office buildings, retail centers, and industrial warehouses. This may include responsibilities such as tenant relations, maintenance, and financial management.
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Association management: This type of property management involves managing common areas and facilities in a community association, such as a homeowner's association or a condominium association. This may include responsibilities such as maintaining common areas, enforcing rules and regulations, and managing finances.
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Vacation rental management: This type of property management involves managing vacation rental properties, such as vacation homes or beachfront rentals. This may include responsibilities such as marketing the property, managing reservations, and maintaining the property.
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Student housing management: This type of property management involves managing student housing properties, such as dormitories or apartments. This may include responsibilities such as leasing, maintenance, and rent collection.
As you can see, the specific responsibilities of a property manager may vary depending on the type of property being managed and the needs of the owner or investor.
If you’re interested in hiring your own property manager, One Rock can help! We serve across East Texas—making sure properties are effectively managed for investors like you, so you can spend your valuable time investing in other opportunities.