Belong’s Essential Guide To Property Management
Written ByBelong on Nov 17, 2021
Chapter 1: What Does a Property Manager Do?
What’s the point of having a property manager? What role do these people play? Why should I even think about hiring one?
These are the questions homeowners ask themselves – and ask Google – 6 months to a year before hiring a property manager, when they’re choosing between outsourcing the job and doing it themselves. Self-management is possible, of course, but it is enormously complicated and stressful.
The answer? What doesn’t a property manager do! Every step of the process, from finding a tenant, to collecting rent, to prepping the property for the next tenant, is the responsibility of the property manager.
Even the simplest of these tasks can be massively complicated.
You own a home.
We have someone to ❤️ it.
Pt. 1 — Finding Tenants
Finding good tenants is and has always been a huge challenge, and is a central task of property managers.
It requires advertising the vacancy, which means staging the property — finding and installing temporary furniture in order to give the place a homier feel; then they have to photograph it, find the right websites to list it on, figure out how much to list it for, write up a clever marketing story to help rent it faster.
That’s a lot. But that’s not all. A property manager needs to set up open houses and private viewings (which, in the era of Covid, is an even bigger logistical nightmare). Then, once you’ve managed to attract potential tenants, you have to perform professional-level background checks on them.
Calling credit bureaus, checking references, making sure their financials are in order… There’s a reason why this sounds stressful and time-consuming. That’s because it is.
Of course you can always ask a real estate broker to perform these tasks, particularly the one who sold you the property. But because brokers make their money on commissions – and are always in search of the next big one – they are not going to be motivated to spend the time creating a beautiful experience that satisfies both sides of the rental equation.
People hire property management companies not only because they’re willing to take care of all this stuff, but because they have the resources, wherewithal, and experience to do it.
Belong not only takes care of these tasks, but they don’t even charge for the work. Other property management companies will charge up to $2500 for all the work that goes into a listing before it’s even listed – not even including any work that needs to be put into the place to get it into rent-ready shape. On the other hand, Belong charges zero. The initial setup fee, the inspection fee, the pricing analysis fee, photoshoots, 3D and virtual tours, and advertising – all gratis. What more could you ask for?
To be continued in Part 2!