5 types of property managers
As a landlord, knowing the various kinds of property managers helps. After studying the different types of NRI property management companies, you can make your selection. You must understand that the services and charges of varying property managers vary, too. Keeping your budget and requirements in mind, you can hire a property manager that ticks all the boxes.
What are the different types of property managers?
The five different kinds of property managers are as follows.
Individual Agent Property Manager
Hiring an individual agent as your property maintenance services manager may not be a good idea. They are not professionals and do not have much to offer. Neither they operate legally, nor they are insured. Merely having a license is no guarantee that they provide expert services. Instead of hiring sole agents, you are better off managing your property on your own. Such property managers handle between 1 to 50 homes.
Side business Property Manager
A side business rental management company does not focus much on managing properties. Many times, they appoint one or two administrative staff to oversee the management of the property. They also allocate an individual agent who may help you out in leasing, but such appointees are not actively involved in the day-to-day management of your property. Usually, a side business property management company manages about 50 to 200 homes.
The Lonesome Ranger Property Manager
Lone ranger property managers are professional, communicative, and well-trained in managing properties. Like any professional rental property management company, they adjust to your needs and develop creative solutions to reduce your costs. Although they may be expensive, they perform a good job.
The downside of hiring lone rangers when you rent your property is that they cannot be around all the time. When they become sick or go on a vacation, you do not have anybody to supervise your property.
Compared to the specialized rent management companies, lone rangers may also not get vendors speedily for repairing works and at discounted rates. Lone rangers have portfolios within the 30 to 100 range.
Average-sized Portfolio Property Manager
Working with a small to medium portfolio property manager is a hassle-free experience; they are consistent and reliable. For example, a prominent property management company in Delhi NCR has one man as your only point of contact and an admin backup team.
A reputed average-sized property management company in Delhi controls between 100 to 500 houses, with individual managers handling 100-200 portfolios.
Large-sized Property Management Company
National brands managing between 500 to 1000 portfolios come under this category. By hiring a large-sized property management services Gurgaon, you do not end up spending a lot. Such companies use their size for increasing efficiency.
On the flip side, such property manages are not flexible because they have to coordinate with many departments. Moreover, there is less accountability as the blame (in cases of mishaps) falls on more than one department.
Although departmental property management companies provide a single point of contact for homeowners, coordinating with several departments is time-consuming.
FINAL THOUGHTS
When looking for a property manager, you must do your research well. Know about the different kinds of property managers and what they have to offer. One of the essential advantages of property management companies is that you do not have to worry about anybody breaching your property. Therefore, only know what to expect from the property manager that you’re hiring. Importantly, take a balanced decision after you consider all the related aspects.