What Are The Duties of a Property Management Company?
Have you ever what the responsibilities of a property management company are? Having a good property manager can save lots of money and time on a home. For a tenant, it gives you someone to turn to handle any issues that you may be having with the property. Let’s go over what they do and how they are very helpful.
What Is A Property Manager?
As explained by Residential Leasing & Management in Houston – http://residentialleasing.net/, a property manager is a third party who is employed to complete all the tasks of managing a property. Not all property managers have the same responsibilities. Some may vary due to a different amount of pay or even different instructions by whom they were hired. All in all, it depends on the contract.
What Are Their Duties?
A property manager has different duties based on different pay amongst other things. There are some basic things that a property management company is responsible for. It is good to take note that their contract may be different. Let us go over some of the basics though.
A Property Management Company Deals with the Following:
Need to get your property on the market? A property management company may be the perfect one to hire for the job. The deal with all the ins and outs of marketing a place for rent. This includes homes, apartments, or even entire apartment complexes. They are very skilled in getting the rental on the market. This includes:
- Having the home cleaned prior to rental.
- Post Advertisement for the Property
- Accept Applications and Application Fees
2. Screens and Selects A Tenant
A property management company can help in selecting a tenant to live in the home. They can process applications amongst other things to ensure that a tenant is great to be in the home. This takes a lot of heat and time off of doing all these tasks yourself. Selecting a tenant may include the following:
- Run background checks on possible tenants.
- Verify application information for possible tenants. (This includes age, employment, and many other things.)
- Writing a lease.
- Setting up move on dates and much more.
This is not even close to a complete list of things that a property management company is responsible for.
What About Rent?
Now that we have a few of the things that property management companies do under our belt of knowledge, I want to talk to you about rent. If you are wondering if a property manager deals with this, it will be a definite yes. That is if it is in the contract. A lot of times they are hired just for this purpose.
Rent Collecting Process
There is always a process. Especially when it comes to business. A renting process is normally not a problem unless you have some tenants that are difficult. Not everyone is always on top of finances and sometimes things come up. A property manager works with the tenant.
Let us go over some of the things that a property management company deals with when it comes to collecting rent.
Setting the Right Rent Price to Charge
A property management company deals with setting the proper amount of rent. You do not want to overcharge and you certainly do not want to miss out on making some profit. It costs money to rent homes out too. It is not always a profit. A proper amount of rent can be set by a property manager.
This can be the tough job, especially if you have a tender heart or are very passive. A property management company will deal with the hard work that comes along in collecting rent. They will be there to make sure that the rent is being paid. If it is not they then will make an arrangement with the tenant to resolve the issue. Usually, this is just some late fees or forgiveness under circumstances.
What are the benefits of having a property management company?
As you can see above, there are several benefits that come along with having a property management company handle your property. Not only are they there to ensure that everything is handled they can even make sure that the tenants are pleased with the property.
What About Damages to the property?
If there are any damages to the property, a property manager is then responsible to make sure everything is handled. It does not mean that they pay for the damages, it simply means that they will do what it takes to resolve the issue and get the property back on the market. Often times it is the deposit that takes care of these such things.
If you are interested in more information about what a property management company does you can visit www.landlordology.com.
I hope that all this information was of use to you. Please feel free to check out the youtube video in this link if you are interested in more information.