Although no two property management companies are precisely the same, a number of them share many common responsibilities. From locating tenants to property maintenance to financial reporting – and the whole thing in between – property managers characteristically undertake the countless tasks mandatory 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
Possibly one of the first things that are on the mind of a property owner when considering the role of a property manager is the job of attracting and screening tenants. If ever there is a vacancy, it is the work of the Shelburne 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
Numerous property management companies will have professional lease documents that can be at least partly modified for different 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
Most property management companies will aid property owners in establishing the most competitive monthly rental rate for your property. Larger companies, including Real Property Management Sterling, can collect and analyze detailed market data specific to your area, as well as create a custom market assessment just for you.
4.)Rent Collection
An additional common feature of many property management companies is their part as rent collectors. In an ever-growing digital world, this process is becoming increasingly automated, which means that rent collection happens more rapidly 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 that the rental property is in good condition. Any rental house has to be safe and habitable first before it can be profitable. This is the reason why property management companies regularly offer regular maintenance and repair services, often contracting with local vendors at preferred rates.
6.)Knowledge of Landlord-Tenant Law
Property managers normally have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This comprehensive knowledge helps them to handle difficult tenant situations like death, divorce, and evictions, both safely and legally. By learning and obeying the laws, property managers help protect Shelburne property owners from legal liability.
7.)Budgeting, Accounting, and Financial Records
Along with 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 furnish detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8.)Efficient Turnaround
Taking on the move-in and move-out process is one more common responsibility of the property manager. In the interest of keeping a property leased all the time, a property manager will usually begin searching 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 get the home ready for the next tenant quickly and efficiently, relying 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 must know that your property is being managed professionally and efficiently. 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 selecting the right property management company one of the most significant 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 Sterling, we do this by handling 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
