Why You Should Hire a Property Manager

  • Author: Devin Henry
  • Last Updated: October 25, 2023
Table of Contents

Being a landlord has two effects on your life: financial gain and complete exhaustion. Of course, seeing the monthly rent hit your bank account is gratifying. However, the time and effort it takes to find tenants and maintain the property equates to a full time job. In an age where time is money and convenience is king, is it worth it to be your own property manager? Let’s take a closer look at why you should hire a  property manager, like Nomadic Real Estate, to make owning a rental property a lucrative and hassle-free experience.

Monthly Rent Directly to your Bank Account

If you do not read beyond this point, the main takeaway is this: property managers make sure that rent is deposited to your bank account, without you lifting a finger, every single month. For example, Nomadic Real Estate utilizes an incredibly streamlined auto debit and credit system. This ensures rent is debited from tenants on the 1st business day and credited to clients no later than the 5th business day of every month. This allows landlords to gain maximum income stability from their rental property, without stressing about on-time payments from their tenants. Tenants love this system too, because it makes it easier than ever for them to pay their rent–no more worrying about paper checks getting lost in the mail. A streamlined and reliable rent collection system is paramount for property management success.

Hassle Free Tenant Marketing and Screening

From conveying the charm of your home with ads and targeting high traffic rental searches, to managing showing schedules and conducting credit/background checks, finding the best tenant for your property takes a great deal of time. At Nomadic, we have an entire team dedicated to getting your home rented safely and quickly. The DC Area market is becoming increasingly competitive, and since vacancy loss can dilute profits, the best approach is to hire a professional property manager for tenant placement at your rental property.

Day to Day Tenant Relationship

Being able to provide your tenants with responsive customer service is key to keeping them in your home for an extended period of time. Property managers serve to respond promptly to any work orders, emergency issues, or just day to day questions.

Multiple properties that are blocking

Licenses, Leases & Law Compliance

In order to use your home as a rental property, there are certain licenses to obtain, leases to draft, negotiate and sign, and your home must comply with certain laws. Property managers take care of all this time consuming and sometimes complicated paperwork. They make sure you, as a landlord, have a Basic Business License. They act as the middle men between landlords and tenants for drafting, negotiating and signing all leases. Lastly, they ensure that your home is properly inspected and up to date with all laws pertaining to a rental property.

Home Maintenance and Up Keep

Every home suffers from wear and tear. Hiring a property manager to respond to your home’s needs ensures you don’t have to lift a finger to repair those broken garbage disposals. Property managers, like Nomadic Real Estate, usually have years of relationships with a multitude of vendors.

Maximizing Your Ability to Invest in Multiple Properties

If you have the financial capacity to invest in multiple properties, but not the time to fill them with tenants or maintain them, hiring a property manager helps to free up that time. Not only can you invest in multiple properties, but you can even branch out and spread your investments geographically.

If you are a homeowner and are in need of property management, we’d love to talk to you and give you a free quote today. Fill out the form below and someone from our team will reach out! Remember, if your home is not rented, Nomadic Real Estate does not charge a fee.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.