While property management companies are different from each other, they do share a number of common responsibilities. There are many tasks that property managers must take on to keep your rental properties clean, safe, and profitable— tasks like finding tenants, property maintenance, and 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
Probably the first thing that comes to the mind of a property owner when thinking about the role of a property manager is the job of attracting and screening tenants. A Plano 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
Many property management companies would provide owners with professional lease documents ready for them to 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 will help set the best monthly rental rate for the property. This helps property owners stay competitive in the local market. The larger companies, which include Real Property Management Focus, have the resources to collect and analyze detailed market data specific to your area. So, instead of using national trends and national economic data, you can get a custom market assessment that is made from the most relevant and local data and tailored for your situation.
4) Rent Collection
Almost all property management companies also work as rent collectors. 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 critical responsibility of property managers is seeing to it that the rental property is kept in good working order. 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. This is why most property management companies offer regular maintenance and repair services. They often pair up with local vendors and contract the tasks out to them at preferred rates.
6) Knowledge of Landlord-Tenant Law
Property managers usually have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. Detailed knowledge of these laws will better equip them to handle difficult tenant situations. They would know the safe and legal way to handle death, divorce, and evictions. Simply put, property managers who understand the law help protect Plano property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
Along with managing the day-to-day physical maintenance, property managers 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
The way the move-in and move-out process is handled is also another common responsibility of the property manager. To attempt to keep a property leased at all times, a property manager usually begins the marketing campaign to find a new tenant as soon as the current one gives notice of their intent to vacate. Once the tenant has left the home, a property manager can begin preparing it for the next tenant. They can do this really quickly since 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 in a professional and efficient way. This is why many property managers will render 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 accomplished by a property manager means one less task on your plate, letting you spend your valuable time on expanding your business. At Real Property Management Focus, 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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