If you’ve just started to rent somewhere, you might find that your point of contact is a property manager instead of a landlord. In many cases, the property manager is a bridge between you and the landlord (the owner of the home). However, some homeowners are also property managers. Regardless, your property manager will be your first point of contact if you have any queries about the property or if any issues arise during your stay.
A property manager is hired by a landlord or a letting agency to check that the property is operating as it should. Property managers can have a multitude of different responsibilities, but are primarily incentivized to keep the landlord's income from the property consistent. They do this by collecting rent, sourcing tenants, maintaining the property, communicating with all parties and dealing with any emergencies. In essence, property managers are there to make your rental experience as smooth as possible.
You may be wondering why you’re talking to a property manager. What’s wrong with just dealing with the landlord directly? Well, there are many benefits to having a property manager for both the landlord and tenant.
The main advantage of having a property manager is that they are trained professionals in renting. While a landlord may rent out the one property they own on the side, they are typically not accustomed to all the issues, regulations and laws that come up in real estate. Property managers are licensed brokers, meaning that they have the proper knowledge of how things operate. Because they are general agents of landlords, they typically have full access to both resources and contractors that help keep your place livable. Property managers deal with issues all the time including maintenance, background checks, etc.
In order to become a property manager, a candidate should be able to chat with people easily. Their role is to facilitate communication between all kinds of people, so that your rental experience is top notch. If issues come up related to plumbing, you know they will be the first one to call to sort it out, rather than landlords who are notoriously hard to get in touch with.
Because property managers are incentivized to help you (they take anywhere from 5 to 10% of the rent you pay your landlord), you should know that they are (more often than not) easy to work with.
It's known in real estate that landlords are difficult to get ahold of. At the end of the day, the property you are living in is someone's appreciating asset. Landlords typically only see the dollar signs when renting out to tenants like yourself. On the contrary, property managers are in the business of tenant service. Because they are incentivized to keep tenants in their homes happy, you know they'll be there when you call them.
Below we list the best property managers in Raleigh and Durham in no particular order. These property management firms are known for outstanding service and high-quality homes.
Sound Mind Realty
Hopefully, this article has resolved any questions that you may have about property managers. These firms exist to make your co-living experience great!