Why You Need a Manager for Handling and Collecting Property Expenses?

By admin | Uncategorized

Feb 26

Real estate investing is not just about purchasing property and deciding between whether to keep it or not, rather, it has a very broad spectrum. Indeed buying a property is tough; you need a lot of hard work and resilience to be able to purchase a property. But once the purchase is made, the next steps of your investor journey begin. Those steps include looking for tenants and deciding between whether to hire a property manager or not.

It is frequently observed that landowners in Mexico and other countries in the Americas use the help of property managers to take care of handling and collecting property expenses on their behalf. The Puerto Vallarta real estate market is the same as investors are often not seen asking tenants for their monthly due rents and other payments.

The Duties of a Property Manager

A property owner allows full control of the building to the manager. Often a contract is signed between the landlord and a property management company for the particular building. The company then deploys a manager to perform the following duties.

  • Keeping Maintenance in Check.
  • Taking Care of Vacancies
  • Maintaining a Relationship With the Tenants.
  • Collecting Rent.
  • Inspections.
  • Following Through on Evictions.
  • Taking Care of the Taxes.
  • Lease Enforcement.

From the above-stated duties, it is clear that property management is not an easy task and a lot of works needs to be done so that things run smoothly.

Handling and Collecting Property Expenses

Handling and collecting property expenses are the most crucial part of property management. It is the manager’s job to make these transactions. There different types of funds that are managed in this scenario and here’s how a manager will take care of things on your behalf.

  • Payment to Owner: Having a manager will help with collecting payments from tenants. Once they are collected at a place, those payments will be sent to your bank account.
  • Taxes: Most of the property management companies help in filing tax returns. Managers are often trained to do so and this will prove beneficial for you.
  • Reporting: Managers are also bound to send you detailed reports of what’s been going on in the building
  • Security Deposit Collection: This is the most important thing in rental real estate. Having a manager will help you with this situation. The manager will be responsible for collecting security deposits from your tenants.

All the above-mentioned benefits are greater than what is charged by the companies. From collection to handling, the property manager will charge only 7-10% of the total rent and in return save your time, energy and money.

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