Property Manager – A Want or Necessity?

According to one of our recent reports at CorporateHousingbyOwner, we discovered
that around 82% of property owners are taking care of their own property management.
While it’s certainly possible to do, is it always a good idea? Do you really need a property manager? Let’s look at the pros and cons of working with property managers,
tips on finding a great property manager, and how you can take care of some of the
management on your own if you need to.

Benefits and Drawbacks of Having a Property Manager

Trying to manage your fully furnished apartments for rent is not an easy task, and
working with a property manager does make the entire process far simpler. A good
property manager can ensure you do not have any vacancies for extended periods, and
they can screen tenants, take care of all of the maintenance, collect rent and take care
of all of the other duties of running the property. Most will handle all of the marketing of
the property for you as well.

Those who have furnished apartments for rent but who have other fulltime employment
often find it difficult to ensure their rental properties get as much attention as they
deserve. This often leads to “less than desirable” properties that soon become difficult
to rent out as corporate housing. Consider all of the different tasks the property
manager will be able to handle for you. They can place the rental ads, take care of
repairs and fixes around the house, and ensure it is ready for the next tenants looking
for a short term rental. This will give you time to take care of other things, such as your
family, social life, and your current job.

Property Manager for corporate housingWorking with a property manager also means that you will not have to worry about the
tenants. Whenever they need anything or have an issue, they will go through the
property manager instead of you.

Of course, this does come at a price though. Property managers need to receive
payment for their services, naturally. The amount will vary depending on the particular
manager you choose, and they may charge service fees in addition to a percentage of
the rent that you charge the tenant each month. You could forego using a property
manager to help with your furnished apartments for rent and potentially make more
money. However, it will come with quite a bit more work.

Finding a Property Manager

If you’ve decided that you want to engage the services of a property manager, you will
want to make sure you are working with a quality company with a good reputation. The
vast majority of companies are helpful and honest, but you still need to research the
company before you make your choice.

We’ve made it easy to find a high quality property manager. Enter your
property type and some other basic information to find all of the property managers in
your area that can help with your short term rental.

Doing It on Your Own

Those who are offering furnished apartments for rent as corporate housing tend to have
a bit more work to do than those who may rent to the same tenants for multiple years.
Not only is there the likelihood of greater turnover based on the nature of the property, it
also requires more attention. You may have new tenants every couple of months, and
that means you need to pay more attention to ensuring the property is ready for the next
tenants. However, there is the draw of making more money from the rental since there
is no middleman taking a cut.

First, if you are offering furnished apartments for rent, you need to make sure that they
really have all of the furnishings that someone will need. This includes things such as
place settings for the table, blender, a vacuum, coffeemaker, cooking utensils, pots,
pans, and all of the items that you would have in your home. Fully furnished requires
more than just having a couch, a bed, and some chairs.

Second, you have to make sure the tenants have the ability to get in touch with you if
they have an emergency regarding the apartment or house. You need to be available to
deal with emergencies, such as a leak. It may be a good idea to partner with local
contractors and repair services who can help with these matters.

Third, you will need to screen the tenants to make sure they are a good fit for your
rental. You’ll need to know why they are traveling, when they need the property, the
number of people that will be staying in the unit, and whether they have any pets.
Screening is a step you can’t skip if you want quality corporate tenants.

In addition, make sure you check out the services provided by CHBO if you want to
manage your furnished apartments for rent on your own. You’ll find management tools,
tenant screening services, help with finding professional photography, and much more.
We strive to make things as easy as possible for you to take care of your short term
rental.

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6 Comments

  1. Benton Cotter
    November 3, 2015

    I believe a property manager pays for itself. I know countless of my friends have lost rent revenue because they either took to long to get the property ready to market or used a contractor that did a shabby job. Add in the fact that a property management company can answer all inquires at anytime day or night. I think its a no brainer to get a property manager. Especially in markets that are booming like Phoenix, Dallas, Denver, or Tucson, AZ.

    Reply
    1. Jeff Richards
      November 3, 2015

      Thanks Benton for the comment. I totally agree. Downtime hurts overall occupancy for your rental properties. That isn’t cousin the hours spent on property management issues. As a home owner know your role and appoint others to pick up the rest.

      Reply
  2. Natalie Darcy
    October 7, 2015

    I think that this type of service is brilliant. Honestly, these types of duties are tedious and stressful to the owner of the building. If you can find a really reliable person to do them for you, then why not? I appreciate your providing more sources so that people can know how to contact a qualified professional of this kind.

    Reply
  3. Feel Good Property Management
    September 13, 2015

    As an investor with properties outside of an hour drive, I always want property management. It greatly reduces headaches for the issues that always seem to arise.
    For Property Management in North County San Diego, try Feel Good Property Management in Carlsbad California.

    Reply
    1. Jeff Richards
      September 14, 2015

      We agree. Thanks for the advice.

      Reply
  4. Deanna R. Jones
    September 10, 2015

    Hiring a property manager to help handle my tenants needs is a great point. I’ve been so busy tending to the house I’m renting that I find little time for anything else. Since a property management company would help handle my tenants needs, then I should consider hiring one so that I can take care of the things that I need to do around my own house.

    Reply

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