What’s the role of a property manager?
The efficient management of a rental property that ensures regular returns requires time and knowledge. This task can be entrusted to a professional property manager.
Managing a rental property yourself is not easy! This almost daily management task is complicated because it is necessary to be reactive and to keep up with ever-changing regulations. This is why it’s a time-consuming activity. And the reason why employing the services of a property manager, namely a specialist in this area, allows a landlord to offload the task.
– Their reputation
Select a recognised and established agency, and preferably one that’s close to the rental property. It will be easier for them to get on site quickly and to take any necessary decisions.
– The services offered
The services they offer are flexible. You can call on them for one-off assignments (finding a tenant, issuing receipts and collecting rent, etc.) or for a complete package. In the case of a full service contract, they will manage the entire rental process from A to Z.
The majority of contracts have a three-year term, and are tacitly renewable.
– The advantages of a “pro”
Being familiar with rental property management, they should, in theory, carry out all the usual tasks without a hitch.
They keep abreast of changes to the applicable legal, fiscal, technical, and property regulations.
They attend training and seminars on subjects related to their profession and the application of such regulations “in the field”.
Thanks to their contacts with specialist contractors, they can quickly get quotes for, negotiate, and have necessary repairs carried out.
As a general rule, such management services are billed at 5-10% of the annual rent (including applicable charges).
Note: the fees for the management of a rental property by a professional are wholly deductible from any income generated by the property.