Before hiring a property manager, you should understand their roles and duties. This will give you a good idea of what to expect out of their services. If you’re unsure of whether you want to hire a property manager or not, this article will help you make that decision.
Here are the services you can expect out of good-quality property management company:
Property Manager Services
1. Property Marketing & Advertising
A property manager will determine the best way to market your property to a wider reach of prospective applicants. They may decide to run ads and place your property on online listings. They can also go the traditional route, holding open houses and setting up yard signs on your property. It’s their responsibility to assess the best features of your property to market them effectively and fill your vacancy quickly.
2. Tenant Screening
Your property manager will perform a background assessment of each prospective tenant. They will carefully check if the applicant has a good rental payment history by looking at their credit reports and any outstanding debts they have. It’s critical that they check for the possibility of a past criminal case or eviction filed against the applicant. This helps prevent future legal battles.
3. Tenant Move-in & Move-out
A property manager will handle the move-in process for you. They will provide the tenant with a copy of the lease and a tenant handbook. They’ll also provide the passwords and assist in the system setup for the tenant’s online portal access. This is to make rent payments more convenient. Throughout the term of the tenancy, your property manager will also manage the security deposit and rent deposits collection for you.
Your property manager will document the condition of your property before the tenant’s move-in. This will make it easier to track any damages made during the tenancy. They are in charge of turning over the keys to the tenant upon move-in.
When the tenant moves out, your property manager will conduct the property inspection. They will make note of any damages on the property and provide an itemized list to you and the tenant with calculations of security deposit deductions. They will also ensure that the tenant returns the keys to your property.
4. Maintenance Repairs and Complaints
A property manager is responsible for responding promptly to all maintenance requests from your tenant. They are in charge of coordinating with licensed contractors for any necessary repairs. They will contact vendors who will supply the raw materials for repairs.
When a tenant calls during emergencies, the property manager will handle the issue right away. This leaves the property owner with plenty of time to focus his energies apart from his rental business. The manager is also the one to address conflicts, disputes and all property complaints of the current tenants.
5. Rent Collection
A property manager is responsible for making sure that you receive a steady rent income each month. They will monitor rent payments and collect late fees if necessary. They will enforce strict payment policies and send out notices when the tenant misses a monthly payment. If the matter ends up in court, the property manager will take care of the eviction procedure from start to end.
6. Property Inspections
Property managers are also responsible for conducting routine inspections of your property. They must make sure that the tenant respects and follows all terms outlined in the lease.
If there are any necessary repairs, such as minor roof leaks, the property manager will carry out this maintenance. They will address small issues in a timely matter to prevent greater financial costs in the future.
Your property manager will likely keep track of all of the financial paperwork pertaining to your investment. They will provide accurate accounting for collecting rent payments. This will also include the safekeeping of receipts. They are responsible for providing you with the yearly financial statements reports and monthly income/expense reports. They will also handle billing payments such as utilities and insurance payables.
In addition, a property manager will keep all work orders and invoices in order for proper tracking. If you need assistance with tax filing, they can help you with this task. Remax Infinity Property Management, in particular, will help you save from having to hire a separate accountant. Our experienced and knowledgeable team can help you carry out your financial matters effectively.
This list of property manager responsibilities is not exhaustive. Your management company may provide you more or fewer services from the ones listed. This is simply an overview of the potential tasks you will no longer have to do if you hire a property manager.
All property management companies are different, so you should look around and find the best manager to fit your personal needs.