What is Residential Property Management?

Residential property management companies oversee "income" or "rental properties" on behalf of an owner. In practice, a residential property manager is a “landlord-for-hire,” one that takes over all of the day-to-day responsibilities an owner would typically do on their own like collecting rent and scheduling repairs. The types of properties they manage tend to include single-family homes, individually owned condos, townhouses, or small multi-family buildings with less than 6-8 units. Now let's discuss exactly what you'd expect of a residential property manager!

What responsibilities does a residential property manager typically take on?
Below, you’ll find a shortlist of responsibilities that a “landlord-for-hire” will normally take on their owner’s behalf. This is not an exhaustive list, as many residential managers do offer additional services to those listed here:

• Marketing - Profitable rental properties don’t stay vacant for long! A professional property manager will have a marketing playbook to get your units marketed quickly and efficiently. 
• Leasing & Tenant Screening - Marketing the unit is of course step one, but landlords must also be able to screen and select the best tenants possible! A residential property management team should have systems in place to screen tenants effectively and ensure they are qualified before allowing them to rent your units. 
• Rent Collection - Sometimes, collecting rent and other fees from tenants can be a hassle. A licensed property manager will have collections and follow-up processes to make sure you're receiving all income from your rental properties!
• Maintenance & Repairs - Some residential property managers have an in-house maintenance team to take care of these issues, while others will hire outside contractors on the owner’s behalf. Either way, a professional management team should have no issue taking care of repairs and preventative maintenance at their properties. 
• Inspections - Landlords that inspect their properties frequently can keep a constant eye on maintenance and on tenants that are caring for the units they live in. Most property managers you hire will have a regular inspection schedule to do just that at your properties. 
• Evictions - Have a problem with tenants disturbing other residents or not paying their rent? A property manager can assist with filing and processing an eviction. They can also point you toward reliable legal counsel to make sure any necessary eviction moves forward as quickly and cost-effectively as possible. 
• Financial Reporting - The last major responsibility that most residential managers will take on for you is financial reporting. Keeping track of expenses and receipts can be tricky, and if not done correctly, can hurt you come tax season! Working with a professional PM can ensure you get your yearly financial reports done right at your rental properties. 

How does a residential property manager differ from commercial or big building managers? 

A residential property management team is quite different from commercial and big building management teams. Firstly, they focus on smaller (usually individually owned units/buildings). Here at Robert C. White & Company, we specialize in the management of single-family homes, condos, and town-homes, and the experience that we have with these units gives us an upper hand over other property managers who aren’t as familiar. Unlike most commercial property managers, a residential property manager is not onsite. Instead, they typically have a central hub within 30 minutes or an hour of all managed units. Because residential managers are dealing with tenants renting a home, they have to be on call 24/7 in case emergencies arise too!

When to use a residential property manager?

• You’d like more time to explore other investment opportunities. Use a property manager to take over typical landlord responsibilities while you look for the next venture!
• You’re tired or too busy with day-to-day tenant requests/maintenance oversight. Use a residential management team to remove the hassle. 
• You live more than 50-100 miles from the property. Consider a property manager that is close by to be able to observe and monitor efficiently.
• If listings and filling your units becomes too difficult or time-consuming, a property management team can set an effective rate quickly and attract qualified groups with their marketing expertise and reach.

Of course, there are many other reasons you may want to work with a residential property management company… so give us a call if you have questions!

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