Every property management company is unique, but they still share plenty of common responsibilities with other companies. 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 of the job a property manager, the first thing that may come to their mind is the job of attracting and screening tenants. A West Haven property manager effectively markets the property whenever there is a vacancy. And as applicants answer the campaign, the manager thoroughly screens 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 have all the required professional lease documents that owners can 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 also help property owners stay competitive in the market. They do this by setting the optimal rental rate for the property. Larger companies like Real Property Management Southern Connecticut 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
One significant responsibility of property managers is maintaining the rental property. It’s important that a rental house be, at the very least, safe and habitable before you can even think of profiting from it. This is why almost all property management companies have regular maintenance and repair services offered. Many of them contract the projects out to local vendors at preferred rates.
6) Knowledge of Landlord-Tenant Law
In most cases, property managers will 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. In other words, property managers help protect West Haven property owners from legal liability when they are well-informed on the law.
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 send the owners detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
Handling the process of moving-in and moving-out is another common responsibility of the property manager. To reduce the number of days a property may be vacant, a property manager doesn’t wait for the property leased to be empty but instead starts looking for a new tenant as soon as the current one gives notice of their intent to vacate. When the tenant moves out, a property manager can start preparing the home for the next tenant to use. This can be done really quickly and efficiently when they rely 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 have to know that your property is being run professionally and efficiently. This is the reason why a lot of property managers send regular updates about how your property is doing, as well as any concerns or other issues that may arise. 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 selecting the right property management company one of the most significant decisions that a real estate investor can make. Each of the tasks performed 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 Southern Connecticut, 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.