What does a property management company do?
While hiring a property manager does come at a cost, many landlords see it as an investment. They handle a wide range of responsibilities, from daily tasks to challenges such as evacuation. And they save you time and energy in doing so. Here are some of the ways a manager can support your rental business.
Sources and screens tenants
Property management companies are responsible for finding and moving new tenants. Therefore, they take over when the time comes to attract potential occupants and show them the property. They also screen rental applicants because they want reliable renters.
Once that person relocates, he becomes responsible for that resident’s welfare. This includes addressing their concerns or eventually getting them out.
Collecting rent is a standard responsibility of a property manager. But they do more than just receive the check for you.
They analyze market conditions to report rental rates. So, you earn a profit while your tenants pay a competitive unit price. This is important because it helps you avoid job vacancies, which are a financial liability. The property manager also handles the rental agreements for you, although you must be the one to sign the document.
Issues related to tenants are also on the agenda of property managers. So, when a tenant is late with payments or breaks the terms of their lease agreement, they deal with it. This could mean collecting late payments or dealing with an eviction. The lease agreement usually specifies how managers must deal with any rules breaching or repeat offenders.
Performs routine maintenance
Property management companies regularly maintain the property. Their preventative care means that the property remains in good condition. In addition, they respond to customer requests.
If a problem arises in the unit, the manager assigns personnel to address it. The property management company may organize maintenance such as landscaping, painting or drywall restoration, and appliance repair as well.
Since the landlord entrusts them with this role, they may have to do road unit inspections as well.
Handles tenant complaints
If a tenant needs to file an application or file a complaint, they report to the manager – not you. The manager may deal with the problem internally if the problem is small enough. But they can also hire outside specialists for complex problems. Which means that you will remain unfazed no matter what.
Manages billing and bookkeeping
You will be hard pressed to find an investor who loves bookkeeping. These property management companies have the responsibility, in addition to handling the bills. Some offer the service for free, but paying for it does not hurt. A manager can help you reduce taxes or protect important documents, eliminating any costly mistakes.