Even though no two property management companies are completely alike, many of them have common responsibilities that they share. There are tasks like finding tenants, property maintenance, financial reporting, and many others that property managers have to handle 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 the first thing that comes to the mind of a property owner when thinking about the role of a property manager is the job of attracting and screening tenants. In the event of a vacancy, the Homewood property manager is responsible to push the property effectively in the market— creating a campaign for it. And as applicants come in, it’s up to the manager to thoroughly screen them, meeting with them to show the house as well as managing the application process from start to finish.
2) Lease Documents and Signing
Many property management companies would provide owners with professional lease documents ready for them to customize and 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
Property management companies will help set the best monthly rental rate for the property. This helps property owners stay competitive in the local market. Larger companies like Real Property Management Victory have the resources to go local. Instead of relying on national trends and economic data, they can collect and analyze detailed market data specific to your area, and then create a custom market assessment that is fine-tuned to your specific situation.
4) Rent Collection
Essentially all property management companies can also be your rent collectors. In a world that is technologically advancing at a rapid rate, rent collection has been automated and can now be done quickly and 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 critical responsibility of property managers is seeing to it that the rental property is kept in good working order. 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 why most property management companies offer regular maintenance and repair services. They often pair up with local vendors and contract the tasks out to them at preferred rates.
6) Knowledge of Landlord-Tenant Law
Property managers usually have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. Detailed knowledge of these laws will better equip them to handle difficult tenant situations. They would know the safe and legal way to handle death, divorce, and evictions. By knowing the law and making sure they don’t break them, property managers help protect Homewood 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. Many property management companies submit detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
How the move-in and move-out process is handled is another common responsibility of the property manager. To keep the property leased at all times, a property manager usually starts marketing the property and looking for a new tenant as soon as the current one gives notice of their intent to vacate. After the tenant moves 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 supply 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 choosing the right property management company one of the most significant decisions that a real estate investor can make. Each of the tasks accomplished by a property manager means one less task on your plate, letting you spend your valuable time on expanding your business. At Real Property Management Victory, 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.
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