When it comes to real estate investments, investors are likely to need assistance to manage their properties. An investor can find this assistance in the form of a property management company or a resident manager. If you decide that property management is too pricey, you should know the ins and outs of hiring a resident manager. So, here is a quick guide from the real estate attorney Las Vegas investors trust for accurate and relevant information.
There are many things you need to keep in mind when you consider hiring a resident manager. Ask yourself the following questions to see if this is the right route for you to take:
Why hire a resident manager? It is a good idea to hire a resident manager if you need someone to help manage the daily details of investment real estate such as screening new tenants, handling maintenance, and collecting rent.
For what will your resident manager be responsible? Before you begin the process of hiring a resident manager, clearly detail everything for which your resident will be responsible. This will make it easier to determine which candidates are most qualified for the job.
How often will your resident manager need to work? Next, you have to decide if you want your resident manager to work full- or part-time. Also decide whether you want to have a manager that is on premises 24 hours a day or is available primarily by phone.
How much will you pay your resident manager? Generally, resident managers are paid hourly anywhere from $10 to $25 per hour. You also have the option to pay hourly if that would be easier for you. If you are unsure of the right amount to pay, you can reference what other landlords are paying their resident managers. It is not recommended that you offer your resident manager a discounted rent in exchange for services. This may lead to problems should you need to terminate and/or evict such person.
How To Hire A Resident Manager
- Before you invite a candidate for a face-to-face interview, make sure you clearly explain everything he or she will be responsible for in exchange for the payment that will be received. You can weed out a lot of weak links this way.
- Conduct face-to-face interviews with the strongest candidates. Just remember to ask everyone the same questions to avoid being charged with discrimination. You also want to make sure you are only asking questions that are relevant to the job that is expected to be performed. Have candidates fill out an application to help organize the most important information.
- Check at least two references of each candidate to gather more information about the candidate. Ask about each candidate’s work ethics, strengths and weaknesses, previous responsibilities, and reasons for leaving the last job.
- If you want your resident manager to handle money, it is a good idea to perform a credit check. Just make sure you get the candidate’s consent before doing so.
Once you have chosen your resident manager, there are some legal matters that need to be addressed in order to protect yourself, your investments, and your new employee.
- Prepare a written Property Manager Agreement that clearly details the terms and conditions of employment. The best real estate lawyer Las Vegas relies upon can assist you with that.
- As an employer, you will want to make sure you have everything in order to comply with work and hour laws, Social Security related concerns, and deal with taxes related to payroll. You can hire a payroll tax service or an accountant to manage this aspect for you.
Make sure all your affairs are in order to hire a resident manager with the help of the best real estate attorney Las Vegas offers. Schedule a consultation with the Marc Simon attorneys. For more information about the real estate attorney Las Vegas trusts, contact 702.451.7077 or firstname.lastname@example.org.