It is important to know that historically about 1/3 of all housing in the United States is renter occupied. Many investors look for a property management company when faced with renting out their homes or small investment properties.
So what exactly is a property manager?
There are many different types of property managers. The different types of managers include:
- Those who manage condominium and homeowners’ associations.
- Property caretakers who board up and secure foreclosed properties.
- Managers who oversee construction and/or repairs.
- Managers who handle leasing and rent collection of commercial properties.
- Leasing agents who only find and place tenants.
- Property managers who handle short-term or vacation rentals.
- Residential property managers who place tenants and service the property over the life of the tenancy.
Many property management franchises often focus primarily on residential property management, but other property management services include:
- commercial property management
- vacation rental management
- other services related to protecting the asset of the investor (such as screening prospective tenants and regular check-ins of the property)