PROPERTY MANAGEMENT 101
Property management is a growing field, particularly since the housing bust. This article will serve as a brief explanation but I recommend you contact me to learn more.
What is a Property Manager?
A Property Manager is a third party hired to manage real estate assets for an owner. The Property Manager could be an individual or a large organization. Wyoming requires Property Managers to be licensed real estate agents which means we could handle buying and selling real estate, as well.
What do they do?
A Property Manager collects rent, but there is much more to it than that! Here's a quick list of some of the most important tasks:
- Maintain current knowledge of the local market
- Advertising available rentals
- Supervise cleaning and repairs
- Tenant application screening (very important!)
- Lease enforcement
- Inspections before, during, and after tenancy
- Monthly owner statements, annual statements, and tax reporting
- Handle evictions for non-payment of rent or lease violations
- Much more!
Why use a Property Manager?
There are many reasons for using a Property Manager but they basically fall into two categories:
- Unable. If you don't live in the same market as the property, it's difficult to keep an eye on it, show it when vacant, coordinate for maintenance, or even know the rental market. It's typically better to have someone living in the market area that can handle these things. Maybe you are too busy with your primary job, like a doctor working long hours or a business person that travels extensively.
- Unwilling. Some Landlords don't want to deal with tenants, maintenance issues, going after late rent, or even tracking funds. Other Landlords are capable of doing it but prefer to spend their spare time on leisure activities.
You can learn more about our Property Management services in Cody, Wyoming by visiting our web site.