A rental manager is someone who manages a rental investment property on behalf of an investor. Most investors have used a rental manager in the past, and some believe that they are valuable and worthwhile, whilst others see them as an unnecessary expense.
A rental manager collects rent and ensures that tenants pay their rent which is what most people think of an associate with a rental manager. On top of this a rental manager sources new prospective tenants as required, completes routine inspections, ensures that your paperwork between yourself and the tenant are in order, manages tenant complaint and enquiries including the maintenance and repair of the property as required, and also deals with any issues stemming from tenants that damage your property, do not pay rent and require forcible eviction.
If you have the time, knowledge and expertise to advertise for a tenant, complete the background and inspections checks, complete the paperwork, manage the tenant payment and ongoing queries and deal with any issues or problems that may arise with the tenant, then you can save money and improve your budget and cashflow by managing your tenant yourself.
However, like insurance, it only takes one bad tenant for a good rental manager to be worth more than the fees they charge. So when considering your budget and cashflow, think carefully about the benefits of a good rental manager and if you can afford to manage the risk of dealing with a tenant and investment property by yourself by saving the money they cost.