Property Managers (PMs) can be people or businesses hired by the property owner or investor. The PMs will typically handle the day-to-day operations necessary for running a rental business smoothly.
PMs are usually licensed and can thus act on behalf of a property owner and make decisions around repairs and maintenance. In exchange, the property investor pays a pre-determined fee to the property manager.
Depending on what you're looking for in your property investment journey, a property manager may be responsible for a wide variety of tasks:
Landlords can decide to do the tasks of a property manager themselves but will need to deliver a prompt experience, in many cases, in order to comply with regulations. You can further learn about the advantages and disadvantages of hiring a property manager.
The pricing for a property manager varies but here are some common costs to having a property manager.
Your property manager may ask you to hold a certain amount of money in reserves in order to pay for monthly expenses. Depending on your contract, your property manager may also require you to approve expenses that are under a certain dollar amount.