If you’re thinking about hiring a property manager for your rental home, it helps to know what the relationship usually looks like. This article gives a general overview. Every management agreement is different, so read yours carefully.
Day-to-day operations
Depending on the agreement, a manager may handle marketing, showings, applicant screening, lease signing, rent collection and maintenance coordination.
Communication
Ask how you’ll receive updates, how often and who your contact will be. Clear expectations at the start help the relationship work well.
Owner statements
Most managers provide regular statements showing rent received and expenses paid. For tax questions about those numbers, talk with your CPA.
Maintenance
Agreements often set a dollar threshold above which the manager checks with the owner before approving work. Ask how routine and urgent requests are handled.
Lease issues
When a resident falls behind on rent or doesn’t follow the lease, the manager typically follows the lease and the process in the management agreement. Formal steps, such as ending a tenancy, have legal requirements under Montana law, and it’s wise to involve an attorney.
What stays with the owner
Owners usually keep decisions about rent price, major repairs, insurance and selling. Your agreement should spell out who decides what.
How a property manager can help
Depending on the owner’s needs, a property manager’s services can include any of the tasks above, under a written agreement.
Ironhorse Management has worked with Gallatin Valley owners since 1979. Learn more about our rental property management in Bozeman, or if you would like to talk through your rental, contact our team or call (406) 586-4933, Monday through Friday, 10am to 4pm.
Please note: This article is for general informational purposes only and is not legal, financial or tax advice. Every property and situation is unique. It’s wise to consult an attorney and/or CPA for legal or financial matters, and to review your lease, Montana law and other appropriate resources before making decisions, rather than relying only on this article.