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What Does A Property Management Company Do?
While hiring a property manager does come at some cost, many landlords see it as an investment. They handle a wide range of responsibilities, from everyday tasks to challenges like eviction. And they save you time and energy doing it. Here are some of the ways a manager can support your rental business.
Sources And Screens Tenants
Property management companies are responsible for finding new tenants and moving them in. So, they take over when it’s time to attract potential occupants and show them the property. They also screen rental applicants because they want reliable renters.
Once that person moves in, they become responsible for that resident’s wellbeing. That includes addressing their concerns or moving them out eventually.
Collecting rent is a standard responsibility for a property manager. But they do more than pick up your check for you.
They analyze market conditions to inform rent prices. So, you earn a profit while your renters pay a competitive price for the unit. This is important since it helps you avoid vacancies, which are a financial liability. A property manager also handles lease agreements in your stead, although you should be the one signing the document.
Tenant-related issues are also on the docket for property managers. So, when a renter falls behind on payments or breaks the terms of their lease agreement, they address it. That might mean collecting the late payments or dealing with the eviction process. The lease agreement usually lays out how managers should handle any broken rules or repeat offenders.
Performs Routine Maintenance
Property management companies perform maintenance regularly for properties. Their preventative care means the property stays in great condition. In addition, they respond to client requests.
If an issue pops up with the unit, the manager hires personnel to address it. A property management company may organize maintenance like landscaping, painting or patching drywall, and fixing appliances, too.
Since the landlord entrusts them with this role, they might have to do route unit inspections as well.
Handles Tenant Complaints
If a tenant needs to make a request or lodge a complaint, they report to the manager – not you. The manager may handle the issue internally if the issue is small enough. But they can also hire outside specialists for complex problems. Meaning you stay undisturbed no matter what.
Manages Invoices And Bookkeeping
You’d be hard-pressed to find an investor who likes bookkeeping. Property management companies take that responsibility off your hands, in addition to invoice handling. Some offer the service for free, but it doesn’t hurt to pay for it. A manager can help you minimize taxes or safeguard important documentation, saving you from any costly mistakes.