What really is a property manager? Well, the property manager maximizes the return on investment of the property by ensuring that the residence is being cared for under certain terms. The property manager acts in the best interest of the owner to:

• Maintain the property
• Keep the property occupied with tenants
• Collect rent
• Budget improvements
• Maintain records

Although this may sound like a lot, our team at Dream Builders Realty is ready to help you find what will help you in property management. We know how important it is to be successful in your management, and we know what it takes to make your management process as easy and beneficial as possible.

To begin in property management, the manager must have an understanding of operating expenses and budgeting. What should the rent be set at? Are there certain factors that affect the rent? What are other renters charging? Understanding financial statements, profitability, income taxes, and budgeting are all very important for the property manager.

Along with budgets, property managers must understand security deposits. What can be collected as a security deposit? Does it need to be kept in an interest-bearing account? These are important things to keep in mind when coming to terms with the security deposit with the tenant.

Having a tenant move in is only the beginning. It is important for the property manager to understand the needs of the tenants. Some important things to do in this phase include:

• Respond to tenant requests
• Monitor tenant activities as regards to the lease agreements
• Collect rent in a timely manner
• Assess the tenants’ satisfaction to the property

By following the above practices, you will find that you have satisfied tenants, higher occupancy rates, decreased marketing costs, and a higher return on investments.

Along with managing the tenants, the property manager must also manage the physical property as well. It is important to maintain relationships with contractors and repair companies to ensure excellent and efficient repairs to the property. Along with repairing the property, keeping the property clean and functioning is an important factor of property management. Landscaping, electricity, plumbing, appliances and the overall appearance of the property are all a part of the physical property.

There are many different reporting requirements that must be met for federal, state and local governments when it comes to property management. At Dream Builders Realty, we are familiar with the laws and regulations required on all levels of jurisdiction.

Risk management is, of course, very important. A successful property manager will plan for problems, keep excellent files and records of every activity, and assess these functions to determine if anything needs to be changed.

Picking the right agent is so important in successful property management. They will be the one helping you in creating a successful investment. You want your agent to be ethical and excellent. Some qualities of a great agent include:

• Informative: They will educate you about the home buying process.
• Motivated to Help You: They will learn about your needs and wants.
• Efficient: They will narrow your search quickly.
• Excellent Negotiator: They will get you the best price.
• Detail-Oriented: They will make deadlines and read the fine print.
• Problem Solver: They will fix whatever problems may arise.

The best thing you can do in property management is to write everything down. Of course the lease will be in writing, but even more than that should be documented. Some important tips when keeping record include:

• Notify tenants if you must enter their property.
• Have all notices or warnings in writing.
• Keep notes of conversations with tenants.
• Just by taking the extra step of writing things down, you will be less likely to encounter misunderstandings, confrontations, or difficulties with tenants.

You’ve done it! You have become a successful property manager. By following these tips and by discussing your next steps with your Dream Builders Realtor®, you will ensure that your property is a profitable and enjoyable investment.