If you invest in property or are currently a landlord, it’s likely that you have given some thought to hiring an property management company at some point especially if you reside far away.
Property managers essentially handle the most pertinent tasks involved in successfully managing a tenant-leased property, while owners pay them a set fee for such services. Here are some typical responsibilities of property managers.
1. Handling Rent Collection and Rates
While the owners may prefer to set rental rates, many allow the property manager to set and adjust rates as they deem necessary. After all, these professionals are often more familiar with the local market rents than the owners or investors. They can also observe trends to let owners know when adjustments may be needed to attract tenants or cover rising taxes, etc. Property managers do collect rents and ensure that the owners receive these funds in a timely fashion.
2. Dealing With Tenants From Application to Move Out
Your property management team will be involved in all aspects of handling tenants. They will market appropriately to entice tenants and properly screen them to ensure they have good rental and credit histories and can afford the rent.
Property managers ensure that leases are adequately enforced, and they handle evictions and move out inspections as needed. Furthermore, they deal with tenant emergencies and complaints.
3. Making Repairs and Routine Maintenance
One of the most essential tasks that owners appreciate a property manager handling is routine maintenance and necessary repairs that arise during tenancy and vacancies. Depending on the property’s size, this can involve hiring individuals or teams to see to landscaping, extermination needs, and the physical management of the interior and exteriors. The duty to supervise any contractors and make sure they are performing up to par also falls upon the property manager.
There is much more that a reputable and professional property management company can do to ease your role in investment properties. Contact a property management company in your area to learn more today.