Every property management company is unique, but they still share plenty of common responsibilities with other companies. There are a lot of things that property managers are required to tackle if they want to effectively keep your rental properties clean, safe, and profitable. These tasks range from finding tenants to property maintenance to financial reporting. In particular, there are nine essential property management responsibilities that help preserve and even grow the value of your real estate investment properties.
1) Attracting and Screening Tenants
When property owners consider hiring a property manager, the first thing they think about is probably the manager’s job of attracting and screening tenants. A West Ashley property manager effectively markets the property whenever there is a vacancy. And as applicants answer the campaign, the manager thoroughly screens them, meeting with them to show the house as well as managing the application process from start to finish.
2) Lease Documents and Signing
Owners can ask their property management company for professional lease documents which they can customize however they want and then use. The property managers not only prepare and obtain approval of all lease documents and addenda, but they also coordinate document signings and related tasks.
3) Setting Competitive Rental Rates
To keep their property competitive in the local market, property owners can ask their property management companies to help them set the best monthly rental rate for their property. Larger companies— Real Property Management Distinguished Care being among them— have the ability to collect and analyze detailed market data specific to your area. This data can be processed and used to create a custom market assessment that is tailored to fit you.
4) Rent Collection
Virtually all property management companies also serve as rent collectors. In a world that is getting more and more digital, this process is being automated. This means that rent collection can be done quickly and more efficiently. By offering online rent payment to tenants and automatic deposits to property owners, property managers ensure a consistent stream of rental income each and every month.
5) Maintenance and Repairs
Another significant responsibility that property managers have is making sure that the rental property is in good condition. It’s crucial that your rental house is safe and habitable. It should, at least, meet these standards before it can be made profitable. This is the reason why property management companies usually offer regular maintenance and repair services. Usually, they contract it out to local vendors at preferred rates.
6) Knowledge of Landlord-Tenant Law
In most cases, property managers will have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This thorough knowledge would help them make the right call when faced with situations like death, divorce, and evictions. They will be able to choose what is both safe and legal when handling difficult tenant situations. By knowing what the laws are and obeying them, property managers protect West Ashley property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
Together with managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Most property management companies give detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
Managing the move-in and move-out process is also a common responsibility of the property manager. To keep the number of days a property is vacant at a minimum, a property manager often starts searching for a new tenant as soon as the current one gives notice of their intent to vacate. This will maximize the profits of the property leased during the transition. When the tenant moves out, a property manager can start preparing the home for the next tenant to use. This can be done really quickly and efficiently when they rely on a network of service technicians to help ensure your vacancies between tenants are as short as possible.
9) Effective Communication
As a property owner, you have to know that your property is being run in a professional and efficient way. This is why many property managers will render regular updates about how your property is doing, as well as any concerns or other issues that may arise. Whereas effective communication is one responsibility that some property management companies sometimes overlook, finding a property manager that offers ongoing communication is the key to your long-term satisfaction.
In Conclusion
These nine essential responsibilities make choosing a suitable property management company one of the most crucial decisions that a real estate investor can make. Each of the tasks performed by a property manager means one less task on your plate, freeing you to spend your time on growing your business. At Real Property Management Distinguished Care, we do this by taking on all of the essential property management responsibilities – and much more. Our property management professionals can help you to maximize your rental home’s potential through our proprietary systems and world-class services. To learn more, contact us today.
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