Property Managers are individuals that specialize in making sure that a residential rental property is being managed in accordance with the desires of the owner, whether it be financial or focused on providing appealing living conditions. Whether the owner desires to have an apartment unit on the market, or a luxury home on the market, they will usually hire a property manager to handle their properties. Many property managers have offices or other facilities designed specifically for the task of managing their properties. These offices can include an individual or a business.
One type of property manager is an individual. These property managers deal primarily with the owners of the properties in question and try to negotiate an appropriate rental rate and payment terms, so as to generate a profit for both the property owner and the property manager. There are certain advantages and disadvantages to both the owner and the property manager.
A property management company will likely have some sort of office space designed specifically for this purpose. In most cases, these offices will be open seven days a week. If, however, the property owner prefers to work with a property manager only once or twice a month, then these offices may not have the space for the property manager’s needs.
An individual property manager will normally have staff available to help him manage the property. Some property managers have only one or two employees; others have several hundred. Each property manager will determine how much staff he or she feels necessary to manage the property on a regular basis. Most property managers can manage more than one unit at a time.
For property owners who have a large number of rental units and do not wish to have too many employees on duty, an individual property manager can make a profit by managing multiple units. This type of property manager will likely have a higher overhead cost, but if the property owner does not mind this cost, then this is probably a more affordable option. If the property owner owns multiple units, then it may be more economical to employ a property management company that will take care of all of these properties for him or her.
The advantages of using a property management company are clear. With an appropriate property management company on your side, you will get high profits while having less overhead. The disadvantages are less obvious, but should not be overlooked.