No two property management companies are the same, but they share a lot of common responsibilities. There are a lot of things that property managers are required to tackle if they want to effectively keep your rental properties clean, safe, and profitable. These tasks range from finding tenants to property maintenance to financial reporting. 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
When a property owner thinks about the role of a property manager, one of the first things they would think of is the job of attracting and screening tenants. An Oviedo property manager’s job is to market the property effectively when there is a vacancy. And when the prospects come, they 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
Most property management companies can give owners the needed professional lease documents which they can customize to their liking 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 also help property owners stay competitive in the market. They do this by setting the optimal rental rate for the property. Larger companies— Real Property Management Verita being among them— have the ability to collect and analyze detailed market data specific to your area. This data can be processed and used to create a custom market assessment that is tailored to fit you.
4) Rent Collection
Practically all property management companies are also rental collectors. That’s a very common feature shared by these companies. In a world that is getting more and more digital, this process is being automated. This means that rent collection can be done quickly 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
Another significant responsibility that property managers have is making sure that the rental property is in good condition. It’s really important that your rental house is safe and habitable. You cannot even begin to think about letting people live in it if it doesn’t meet the safety standards. For this reason, property management companies offer regular maintenance and repair services. What they often do is contract the task out to local vendors that give them preferred rates.
6) Knowledge of Landlord-Tenant Law
Property managers often have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This detailed knowledge equips them to make the right decision when faced with things like death, divorce, and evictions. They will be able to handle difficult tenant situations safely and legally. Simply put, property managers who understand the law help protect Oviedo property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
Property managers, on top of managing the day-to-day physical maintenance, are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Many property management companies create detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
Managing the move-in and move-out process is also a common responsibility of the property manager. To try and keep the property leased at all times, a property manager often starts searching for a new tenant as soon as the current one gives notice of their intent to vacate. When the tenant leaves, a property manager can 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 a lot of property managers will send 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.
In Conclusion
These nine essential responsibilities make hiring the right property management company one of the most important decisions that a real estate investor can make. Each of the tasks executed 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 Verita, we accomplish this by taking on 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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