Real estate is the best investment you can make. A plot of land can lead to big dollars, but it can also create a massive headache.
The good news is you don’t need to go into your real estate venture alone.
Property managers aid owners. They eliminate the burdens of owning land.
What is a property landlord, and what are their responsibilities? Let’s learn about property management companies.
What Is a Property Manager?
Landlords may hire a management company to assist in property maintenance. The manager or company works directly with prospective and current tenants.
A property manager handles daily operations, so a landlord doesn’t have to. Residential, commercial, and industrial real estate may use property management companies.
Responsibilities of Property Management Companies
Property management companies have various duties. They are responsible for tenant and property management.
Property managers must oversee rent and take action for those who don’t comply. Let’s review these responsibilities in detail.
1. Tenant Management
Real estate and property management companies communicate with tenants instead of the landlord. Property managers keep the building full and attract new tenants. Property managers meet with potential tenants, provide tours, and run background checks.
Property managers should be up-to-date on all landlord-tenant laws. In the event of a dispute or eviction, property companies represent the landlord. Managers must know state laws on security deposits, leases, and building safety.
The property manager may need to handle emergencies, complaints, and conflicts between tenants. They must coordinate tenant turnover. This involves checking for damage and repairing the property before new tenants arrive.
2. Property Maintenance and Security
Property landlords are responsible for maintenance and security. Owners report maintenance as the most important thing for a property manager to take care of. Sixty-two percent of property owners claim maintenance causes them frequent stress.
Property managers hire third-party companies to keep the building habitable. Examples include landscaping, cleaning common areas, and pool maintenance.
When tenants experience problems, they call the property manager. The management repairs issues or relies on professionals to make fixes. The property management company keeps the building up to code. They coordinate with contractors to make necessary renovations.
The property management company also oversees security. The property landlord may hire security guards or install security cameras. The manager should administer safety guidelines to all tenants and ensure they are followed.
3. Rent Collection and Control
Finally, property management is responsible for the rent. Managers set the right rent level to attract tenants.
Property managers oversee rent payment. They create a reliable system for rent collection. The managers establish guidelines for late fees. Property managers may also determine if, when, and how much the rent will increase.
When tenants breach their lease, property management companies step in. They know how to file and enforce evictions. Evictions can be unpleasant, but it’s an essential aspect of property management. In 2016, there were 2.3 million evictions across America.
Learn More About Local Real Estate
Property management companies have many important responsibilities. Property managers play a key role in successful property maintenance. Excellent property management leads to a building with happy tenants.
If you’re looking for real estate services, we’re the team to call. We provide assistant to home buyers, sellers, and real estate agents. Contact us to learn more about our services.