Although there are no two property management companies that are the same down to the core, a lot of them share several common responsibilities. From searching for tenants to property maintenance to financial reporting – and everything else in between – property managers usually deal with the many tasks necessary to keep your rental properties clean, safe, and profitable. 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
Probably one of the first things that a property owner considers when studying the role of a property manager is the job of attracting and screening tenants. In case of a vacancy, it is the job of the Inglewood property manager to market the property well and thoroughly screen applicants, meeting with them to show the house as well as managing the application process from start to finish.
2.)Lease Documents and Signing
A great deal of property management companies will have professional lease documents that can be at least somewhat customized for various owners. 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
The majority of the property management companies will help property owners assign the most competitive monthly rental rate for your property. Larger companies, including Real Property Management Choice, can collect and analyze detailed market data specific to your area, along with creating a custom market assessment exclusively for you.
One other common feature of many property management companies is their role as rent collectors. In a growing digital world, this process is becoming more and more automated, which implies that rent collection happens more 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
One significant responsibility of property managers is making sure the rental property is kept in good condition. Any rental house has to be safe and habitable before it can be profitable. This is why property management companies consistently offer regular maintenance and repair services, often contracting with local vendors at preferred rates.
6.)Knowledge of Landlord-Tenant Law
Property managers often have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This thorough knowledge helps them to handle difficult tenant situations, including death, divorce, and evictions, both safely and legally. By understanding and following the laws, property managers help protect Inglewood property owners from legal liability.
7.)Budgeting, Accounting, and Financial Records
Besides managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Many property management companies will render detailed statements of all income and expenses for each property, records that can make tax filing much easier.
Taking on the move-in and move-out process is another common responsibility of the property manager. In the interest of keeping a property leased at all times, a property manager will often start looking for a new tenant as soon as the current one gives notice of their intent to vacate. Once the tenant has moved out, a property manager can help prepare the home for the next tenant in a quick and well-organized manner, relying on a network of service technicians to help ensure your vacancies between tenants are as short as possible.
As a property owner, you must know that your property is being managed professionally and efficiently. This is why a lot of property managers will send regular updates about how your property is doing, as well as any concerns or other issues that may arise. Even though 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.
These nine essential responsibilities make hiring the right property management company one of the most important 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 Choice, we accomplish 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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