What should be on your property manager’s to do list? Here are the responsibilities of a property management company. Make sure your property is maintained.
In some of the largest cities in the country, 60% of the residents rent. This includes Boston, New York, and San Francisco. With so many people renting, countless rental properties require management.
The responsibilities of a property management company are to ensure a property is well maintained and the tenants are taken care of. If you own rental property, a property management company can take the bulk of the work off of you.
Look for your property management company to perform these tasks.
Marketing Your Property
Your property management company should market your property to generate interest and tenant applications. They should help you determine an appropriate rate based on the market.
A top quality property manager will recommend promotions, advertising strategies, and the best method for getting the highest rental rates. Look for a company that can provide market research to substantiate their decisions about your property.
The goal is to maximize occupancy through effective marketing and tenant selection.
Tenant Occupancy
Thorough tenant screening will reduce the potential for problems later on. Your property manager should screen tenants, manage rental agreements, collect rent, and process move-outs.
If there are issues with the tenant, your property manager should handle them. This includes complaints from the tenant and lease violations made by the tenant.
If a tenant violates the lease or fails to pay rent, then the property management company should begin the steps for eviction. This legal process can take months and requires specific requirements to be filled. The company needs to know, understand, and fulfill these requirements.
Facility Management
To ensure your rental property remains a quality investment for years to come, you need to maintain it. Your property management team should handle the maintenance and repairs of the physical structure and surrounding property.
- Landscaping
- Plumbing
- Electrical
- Major appliances
- Elevator service
- Painting
- Carpet cleaning
Tenant requests should go through the property management company. They should then immediately address those that require action. You can arrange for the company to reach out for approval on projects associated with higher costs.
The management company should be able to provide you with a financial statement. It should outline their service costs, maintenance, repair costs, and any other line items relevant to the renting and management of your property.
Administrative Tasks
To comply with federal and state law, they should keep thorough and up to date records. This includes how certain funds are handled and kept to tenant/landlord interactions.
You should be able to request monthly, quarterly, or yearly statements. They should be clear and easily understandable. This will allow you to have a complete picture of your rental property’s performance.
Responsibilities of a Property Management Company
By understanding the responsibilities of a property management company, you know what to expect. This will ensure you find a full-service company that performs all of the necessary tasks related to managing a rental property.
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