Services Offered by Property Managers

Property Manager offering services

 

In the past few years, property management companies have grown in leaps and bounds. These companies offer a wide range of services to landlords and tenants. If you are a landlord with an overwhelming number of properties, you need the assistance of a property manager.

Here are few important services offered by property management companies.

 

#1 Evaluation

To begin with, property management companies help in evaluating properties and determining an apt rent. They provide detailed documentation of exterior and interior areas. In fact, they take crisp photographs of properties. These documents help in deciding accurate rents. Professional service providers will suggest cosmetic improvements too! These improvements will maximize your monthly return. It is the role of a property manager to gather rental data. They always focus on optimal rental rates. This way both the tenant and the landlord will benefit. They make sure a healthy relationship is established between the landlord and the tenant. For example, they discuss on various topics like alcohol, smoking in the property and the acceptance of pets.

 

#2 Marketing

Property management companies play a very important role in marketing rental properties. They engage in a wide range of tasks before marketing the properties. Common tasks performed by the property managers are:

1.They make sure the property is ready for rent. The professionals will optimize your home’s interiors.

2.They will manicure the backyard and ensure optimal curb appeal.

3.Marketing is an art and property managers have mastered it. They design advertisements for all kinds of properties. Common advertising mediums are MLS, Signs, rental listing sites, fliers and print publications.

4.Property managers work with leasing agents and realtors. They will help you find an “ideal” tenant.

5.Most property managers offer round the clock assistance. No matter what your needs are and when you contact them, they will have information for you. In fact, property managers accept field calls too.

6.When tenants approach the property manager for rental homes, they offer choices! On an average, property management companies collect hundreds of applications every day. They screen and select applicants for rental properties very carefully. Reputed property managers engage in background checks. They verify the applicant’s rental histories, income, identity and credit history. Tenants are ranked according to predefined criteria. When a tenant is approved for your property, you will be notified.

 

#3 Tenancy Procedures

Property management companies will help you at all stages. From the tenant moving into your home to end of tenancy procedures, the property managers will assist you. Here are few important tasks performed by property managers during the tenant move-in stage:

  1. They help in preparing the leasing agreement.
  2. The move-in date and formalities are confirmed with the tenant and the landlord.
  3. The lease guidelines are carefully reviewed by the property managers. All details like the rent, maintenance regulations, and deposit are discussed by the property managers. As landlords, you don’t have to worry about anything. The property managers will take care of everything for you.
  4. Rental agreements must be executed very carefully. If you are a very busy landlord with little time to handle tenants and rental agreements, you will find the property management companies useful.
  5. Before a tenant moves into your property, the property managers will inspect your home. They will make sure the property is prepared for a move-in.
  6. Most landlords hire property managers for rent collection. The property managers will collect the deposit and monthly rents.

 

#4 Rent Collection

Rent collection is one of the most important and difficult tasks performed by the property management companies. Rent collection involves many complications. Critical stages of rent collection are:

  1. Obtaining the rent from the tenant
  2. Hunting down tenants who don’t pay on time
  3. Sending quit notices or out pay receipts
  4. Receiving late fees from tenants

 

#5 Paperwork

Paperwork plays an integral role in renting properties. You will be astonished to see the amount of paperwork involved. Property management companies are trained to initiate and complete all kinds of paperwork. When things get complicated, the property manager will represent you in court too! They work with the right mix of documents for a safe and quick case. Remember, coordinating with law enforcement is never easy. Both landlords and tenants need professional assistance.

Few other areas handled by property managers are inspections, legal and finances. When you work with a property manager, you don’t have to worry about hiring an attorney or an accountant. The property managers will take care of everything for you.