Property management can be stressful, tenants can be difficult to deal with, and landlord-tenant laws can be confusing and complicated. When it comes to handling complaints, complying with state laws, or even worrying about your vacant property, nothing can give you the peace of mind that you’re looking for than having a manager in Houston, we encourage you to search online and talk to your friends who have an experience in hiring one. This will allow you to find a property management company with the experience and reputation to provide the right service for you and is in line with your needs. After all, the right property manager should make your life easier, not harder.
What is a Property Manager?
A property manager is an individual or a company that provides their expertise to handle the day-to-day operation of single real estate property, or a portfolio of real estate properties. Other than overseeing and managing daily management of properties, property managers can provide additional services such as year-end financial statements to risk analysis. And while there are full-service property management companies, property owners and real estate investors hire a property manager and may choose what tasks to outsource to them.
What Does a Property Manager Do?
Property managers offer an ideal solution to property owners and real estate investors that don’t live near their rental properties or simply those who don’t have the time to be hands-on landlords. Essentially, a property manager’s main role is to save the property owner’s time and ease the stress that can come with self-managing your Houston property. While a property manager’s responsibilities depend solely on the terms of the contract, most landlords supervise and coordinate property maintenance, collect and deposit rent, resolve tenant concerns and complaints, and that the property is cared for professionally.
You can hire a property manager to do one or more of these responsibilities:
- Market and advertise the property for rent.
- Determine the most profitable and competitive rent to charge.
- Screen tenant applicants comprehensively and in accordance with anti-discrimination laws.
- Meet potential tenants and showing them the property.
- Prepare a tenancy agreement.
- Protect you from lawsuits by understanding landlord-tenant laws and regulations.
- Provide important tax filing documents.
- Manage financial accounts for the investment property and provide regular reports.
- Collect rent, and manage property payments.
- Carry out routine inspections and / or handle emergency repairs.
- Issue termination notices to difficult tenants.
When Do You Need a Property Manager?
Not every rental property needs a property manager. However, the value of hiring the right property manager can’t be underestimated whether you want to hire one to handle some or all of the landlord’s responsibilities.
- Do you have time to manage your property?
- Do you want to free up some or all of your time while managing your rental property?
- Are you too busy to respond and manage tenant issues quickly?
- Are you clueless with landlord-tenant laws in Houston?
- Do you have high vacancy rate?
- Are you having problems with cash flow from your rental property?
- Are you a first time rental property owner and needs sound property management advice?
Then, you might need a property manager.
The two values that a property manager brings to the table are property management expertise and time. Firstly, property managers are experts in the space and they manage properties for a living. They know the industry from the inside out; have a network of real estate professionals and contractors, and a process set in place that will help professionally manage your real estate property. It’s important to note that knowledge of the local property market is critical when it comes to advising on rent levels as well as tenant attraction and retention. Secondly, time. Anyone can be an expert in something given the time to learn. However, what is the opportunity cost to learn to be an expert as a property manager?
What are the Pros and Cons of Working With a Property Manager?
The obvious advantages to hiring a property manager are access to experienced and local professionals, increase profit passively, and free-up a property owner’s time. Working with a property manager allows the property owner and real estate investor to focus on investing rather than actively managing the property. A property manager has set a system to streamline the rental process smoothly, which includes having a dedicated and trusted team of real estate professionals and contractors to help maintain your property and satisfy your tenants.
The disadvantages of hiring one are obviously the cost of management and lack of control to the property. Basic management fees vary from state to state but can range between 4 and 12% plus additional fees for additional tasks such as marketing your home. However, it is important to note that the cost of hiring a property manager can be tax deductible against the income generated by the rental property. Hiring a property also means you won’t be as involved with day-to-day operations. Not having to personally deal with tenants can be a con to some owners because they want to know and provide only the best service to the tenants.
What is the Difference Between a Commercial Property Manager and Residential Property Manager?
A commercial property manager specializes in overseeing and directing operations at real estate properties used for business purposes including retail spaces and office buildings. They typically manage the day-to-day needs of commercial properties such as direct maintenance and custodial tasks, market commercial spaces, oversee personnel management, while interacting with tenants to collect and process rent checks, maintain lease agreements, and show spaces to potential lessees. Commercial property managers are well versed in industrial buildings or administrative-type spaces.
A residential property manager manages the daily operations of one or more residential properties or communities. Daily responsibilities include managing maintenance, tenant relations, rent collection, property management, and budget management. They typically work for real estate investors who hold their investments and rent them out for additional or passive income.
Both commercial and residential property managers are hired by property owners and real estate investors to make sure that the property is handled [professionally and that the value of the property is maintained even while there are tenants.
How to Find the Right Property Manager?
Depending on your needs and signed agreement, property managers can handle everything that occurs daily in your rental property. They should have a good understanding of the local market and must have an in-depth familiarity of the state and national laws to screen tenants, conduct evictions, and comply with property safety standards. For these reasons, property management companies in Houston require their property managers to have a real estate broker’s license. Under the existing Texas real estate licensing laws, the primary functions of property management in Houston, such as leasing, renting, and collecting rent on behalf of others, are considered real estate activities. So before hiring a property manager to manage your Houston property, always check that he or she is licensed appropriately and contact several of the company’s current clients for feedback.
If you decide that you would prefer to turn over your rental property to a property manager after considering the pros and cons, and the benefits that they have to offer to you and your property… the next step is to look for the right property management company.
Work with Apogee Properties
Apogee Properties is Houston’s Premier Property Management Company. We work and live in Houston and our property managers are local. We’ve been in business for more than a decade providing comprehensive property management services in the Houston region ranging from a studio condo to a multi-family million dollar estate. Contact us to learn more about our property management services, and what we can do for you and your rental property.
Get your property managed today!
