Every property management company is unique, but they still share plenty of common responsibilities with other companies. 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 of the job a property manager, the first thing that may come to their mind is the job of attracting and screening tenants. When there are a vacancy the Wimberley property manager steps in to, first, market the property effectively, and then, second, 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
Owners can ask their property management company for professional lease documents which they can customize however they want and then 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
Many property management companies will help set the most optimal rental rate for the property. This way, the property owners will have a rental home that is competitively priced and attractive to high-quality tenants. Larger companies like Real Property Management Longhorn also offer the service of collecting and analyzing detailed market data specific to your area, and from that, create a custom assessment just for you.
4) Rent Collection
Pretty much all property management companies function as rent collectors as well. 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
One significant responsibility of property managers is maintaining the rental property. It’s very important that your rental house is safe and habitable before you think about its profitability. This is the reason why property management companies usually offer regular maintenance and repair services. Usually, they contract it out to local vendors at preferred rates.
6) Knowledge of Landlord-Tenant Law
Good property managers must 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. In other words, property managers help protect Wimberley property owners from legal liability when they are well-informed on the law.
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. 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
The way the move-in and move-out process is handled is also another common responsibility of the property manager. To keep the number of days a property is vacant at a minimum, a property manager often starts searching for a new tenant as soon as the current one gives notice of their intent to vacate. This will maximize the profits of the property leased during the transition. 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 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. 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 choosing a suitable property management company one of the most crucial 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 Longhorn, 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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