Property managers are hired to maintain properties for which owners are not present or the owners needed to move out of state quickly. The owners may or may not be looking to sell, but until that decision is made, they hire property managers to look after their properties. Then there are property management teams. Teams are made up of two to five people for specific real estate purposes where a single property manager would not do. The following shows when you would engage the team versus a single property manager.
Single Property Managers
Single property managers are most helpful for individual properties. If you want to maintain your house in one location while you stay at a house you own in another location, a property manager alone can maintain and watch over the house in which you are not currently residing. One such example is a vacation house or cabin in which you do not spend a lot of time, but you have to maintain the yard and house/cabin anyway.
Another example involves "snowbirds," who are retired people that have one home in the South where they live during northern winters, and another home in the North, where they live in the warmer months. In both locations, the "snowbirds" have to hire property managers to look after their properties during the months when they are not living in one location or the other. Similar situations call for a single property manager to look after individual single-family properties, duplexes, or "twindominiums" for the owners.
Property Management Teams
It is most helpful to have a team managing a property when the property is a very large rental property. Maybe there are four apartments in a complex, or forty. All the same, the property management team would be responsible for keeping the entire building and landscaping tidy, collecting rent from all of the tenants, and maintaining the full functionality of the plumbing, electrical, and living spaces of the properties. The bigger the property, and the more units involved, the more team members are necessary to help manage the property and show apartments or condos.
Typically, to engage an entire team of property managers, you would hire a real estate agency that provides this service. However, you might also put together your own team of experienced individuals to act as a team. Depending on your property maintenance needs, you can hire as many people as you need.Share