“Who makes the final decision on the tenant selection if an owner has their property managed by an agent? Does the Property Manager offer a suggestion to the owner?”
As we all know, the most important role of a property management service is to effectively manage all aspects of a property on behalf of the owner, ensuring its smooth operation, maintenance, and profitability. This includes tasks such as tenant screening and selection, rent collection, property maintenance and repairs, handling tenant concerns and emergencies, lease enforcement, financial reporting, and maximizing the property’s return on investment. Ultimately, the goal of a property management service is to alleviate the owner’s burden of day-to-day management tasks while maximizing the property’s value and profitability.
We asked Co-Founder and COO of Rent360, Penelope Valentine for her advice:
“The property manager’s job is to ensure they thoroughly check each tenant application,” Penelope said.
“They need to look at the past rental history of the tenant if there is one, attain personal and work references to establish character and assess affordability.”
Penelope said it is essential that the tenant can show that they can afford the property.
If you want to know more about managing your own rental property without a real estate agent. Click the link.
“I used to work off a rule that the rent could be no more 30% of their take-home income or combined income if there is more than one tenant,” she said.
“Once the property manager has completed their reference checks, they surmise this information and present it to the owner.”
“Often the property manager will make a suggestion of who they believe is the best selection, but ultimately it is up to the owner to make the final decision.
Overall, hiring a property manager can provide peace of mind, save time and effort, and help maximize the profitability of the property investment.