in Tulsa, Oklahoma, the average property manager's salary is $98,162, but if you are the property owner turned manager, you won't be making this salary right away.
You'll have to spend your startup costs on preparing your rental properties and hiring the right team instead of paying yourself. If you know nothing about property management, the ability to pay yourself won't come for long.
If you aren't the best person to handle rental property management, what can you do? Keep reading to find out.
Understanding the Role of a Property Manager
To make your rental property management better, you need to first understand the role and responsibilities of a rental property manager. They oversee a variety of activities that include the following:
Emergency Repairs
The best rental property management team will be available to tenants at all hours of the day.
A property manager and the maintenance team will speak with the tenant, assess the problem, and repair the issue. Once the problem has been fixed, following up with the tenant is also necessary.
Routine Maintenance and Repairs
The property manager is in charge of scheduling regular visits for routine maintenance. This includes cleaning out gutters, landscaping, plumbing inspections, etc.
Leasing and Marketing
Knowing how to be a better property manager involves finding the right tenants to lease your units. One of the more important roles is minimizing vacancy by leasing and marketing the property.
Keep the property well maintained so that possible tenants find it an attractive and desirable place to live. You can then advertise vacancies, show units, and lease the property to a qualified tenant.
Background Checks and Tenant Screening
Completing background checks and screening tenants is one of the more time-consuming tasks for property managers. This involves running credit checks and qualifying or disqualifying prospects.
Collecting Payments
You likely joined the real estate investing train to make money. As such, one of the jobs of a property owner or manager is to collect rent from tenants each month. You then can deposit the rent and document payments promptly.
Allowing online rental payments is the easiest way to complete rent collection.
Eviction
A rental property manager should understand eviction laws or hire a rental property management company that does. If the tenant violates the lease in any way, you can begin the eviction process.
Building a Team
Understanding how to hire a property manager is just one step in building your team. Your staff should include those who can complete administrative, maintenance, and emergency tasks.
Opting to hire a rental property management company makes building a team easier because they will have an established group already.
Do You Need to Hire a Rental Property Management Company?
Not every Tulsa property investor has the skills needed to become a property manager. To ensure the work of a property manager is done correctly, think hard about whether or not you want to deal with the above tasks.
If the answer is no, hiring a rental property management company is your best option. These firms can complete the necessary tasks that a property manager takes on each day.
Make your property management better by contacting us for guidance today.
