Every property management company is different, but many of them share many common responsibilities. Tasks like finding tenants, property maintenance, and financial reporting must all be handled by property managers if they want 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
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. When there is a vacancy, it’s up to the Carolina Beach property manager to market the property well. And when applicants arrive, it’s also up to them 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
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 owners can also request property management companies to aid in setting the monthly rental rate for their property. This will contribute to keeping their prices competitive in the local market. Larger companies such as Real Property Management Champion can also collect and analyze detailed market data specific to your area. From that data, they can create a market assessment report that is custom-made just for you.
4) Rent Collection
Virtually all property management companies also serve as rent collectors. As technology advances in this digital world, this process as been automated and greatly simplified. Now, there are methods of rent collection that are very convenient for both the tenants and the owner. 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 of property managers is to do what is needed to fix and maintain the rental property. It’s critical that any rental house must be safe and habitable before letting anyone live in it, much less profiting from it. 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
Competent property managers should have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This thorough knowledge would help them make the right call when faced with situations like death, divorce, and evictions. They will be able to choose what is both safe and legal when handling difficult tenant situations. By knowing the law and making sure they don’t break them, property managers help protect Carolina Beach property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
As well as managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. These property management companies also produce detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
Guiding the move-in and move-out process is yet another 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. Once the tenant has left, a property manager can begin preparations so the home will be ready for the next tenant. They can do it 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 frequent 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 selecting the right property management company one of the most significant 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 Champion, we do 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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